Gold Technical analysis for November 26, 2014 Market Analysis Review

Gold price is trading very nervously still inside a trading range of $1,208 and $1,189. Ichimoku indicators remain bullish but with the tendency to change to neutral. Price is below the important resistance and pivot point of the 61.8% retracement of the decline from $1,255. Bulls should keep their stops tight as the down trend could resume any time.

Red line = support

Black lines = triangle

Gold price is trading inside a triangle pattern. Resistance is found at $1,204-$1,207 and support at $1,189-$1,193. Breaking either level will push price towards $1,225 or $1,170. Price is above the Ichimoku cloud and above the red trend line support. Breaking below the triangle will increase the chances of breaking below the support levels and push towards $1,145.

Red line = resistance

Black line = support

The short-term chart above shows the choppy action in Gold the last few days. There is no clear impulsive action from $1,130 and I believe that this upward move is only a correction against the bigger down trend. Prices usually reverse around the 61.8% retracement levels and this is what I expect to happen in Gold as long as price remains below $1,208.

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Technical analysis of USD/CAD for November 26, 2014 Market Analysis Review

General overview for 26/11/2014 08:40 CET

The corrective cycle in wave -iv- blue looks to be completed as the price has broken below the yesterday's low. The leading diagonal scenarios, marked on the chart with thick blue lines, is still possible and all the requirement has been met so far except the last fifth wave to the downside. To complete this structure, the price should break below the level of 1.1230 and then finally below the level of 1.1190 before any meaningful correction will happen. Moreover, in that case the alternative count will be invalidated.

Support/Resistance:

1.1437 - WR2

1.1368 - Key Level

1.1326 - WR1

1.1276 - Intraday Resistance

1.1258 - Weekly Pivot

1.1224 - WS1

Trading recommendations:

Yesterday's buy trade has been closed as the price has hit our trailing stop loss order with profit. Currently, another trade setup might be considered by day traders: classical breakout trade using sell stop order from the level of 1.1230 with SL above the level of 1.1276 and TP at the level of 1.1190.

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Technical analysis of EUR/JPY for November 26, 2014 Market Analysis Review

General overview for 26/11/2014 08:20 CET

The corrective cycle inside the wave (ii) or b green is still in progress and two key levels have been marked on the chart. The upper key level is the most important for bears as any violation of it would lead to more intraday gains with the projected targets at the levels of 147.98 and 149.14. On the other hand, the breakout below the lower key level would be the most important for bulls, because it might lead to corrective cycle extension down to the levels of 145.58 before any meaningful bounce/resumption will happen.

Support/Resistance:

149.14 - Swing High

148.50 - Intraday Resistance

147.98 - WR1

147.38 - Intraday Resistance

146.30 - Intraday Support

146.38 - Weekly Pivot

145.67 - Technical Support

145.84 - Intraday Support

Trading recommendations:

The SL for the opened buy trade recommended at the beginning of the week should be placed below the intraday support at the level of 146.30 and TP level in longer term should aim for the level of 147.98 and 149.14.

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Technical analysis of EUR/JPY for November 26, 2014 Market Analysis Review

Technical outlook and chart setups:

The EUR/JPY pair is trading at 146.50/60 levels for now, after breaking below the immediate trend line support and having met with resistance at 147.40 levels yesterday. Please note that 145.50 level remains critical to determine short-term direction for the pair. It is expected to print higher highs towards 151.00 and 154.00 till 145.50 remains intact, while a break there could confirm a deeper correction towards 141.00/142.00 levels (outer trend line support) before the rally resumes. It is recommended to hold long positions for now, risk at 145.50 levels.

Trading recommendations:

Remain long, stop at 145.50, the targets are at 151.00 and 154.00 respectively.

Good luck!

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Technical analysis of GBP/CHF for November 26, 2014 Market Analysis Review

Technical outlook and chart setups:

The GBP/CHF pair is pulling back and looking to form base again at 1.5130/40 levels. The pair is expected to push higher towards 1.5250/70 levels before a meaningful pullback can take place. It is recommended to remain long for now and also look to add fresh long positions, risk is at 1.5000 levels. Support is seen at 1.5025, followed by 1.4950 and lower while resistance is seen at 1.5300, followed by 1.5450, and 1.5550 respectively. Bulls are possibly looking to push higher into 1.5300 at least. Please note that 1.53 is past support turned resistance and a reaction could be expected there.

Trading recommendations:

Remain long, stop at 1.5000 or break even, the target is between 1.5270/1.53.

Good luck!

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Technical analysis of Silver for November 26, 2014 Market Analysis Review

Technical outlook and chart setups:

Silver seems to be pushing higher towards fibonacci 0.618 resistance of the drop from $17.80 to sub $15.00 levels as seen here. Please also note that the sloping trend line resistance is also seen at the same levels. A bearish reaction there could see the metal reversing lower and targeting below $15.00 levels. On the flip side, a push through, could see $17.00 and $17.30 levels at least. It is recommended to remain long on remaining positions, move risk to break even levels. Support is seen at $16.00/20, followed by $15.20/30 and lower while resistance is seen at $17.40/50, followed by $17.80/18.00 levels and higher up respectively.

Trading recommendations:

Remain long, move stop to break even levels, the target is at $17.30.

Good luck!

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Technical analysis of Gold for November 26, 2014 Market Analysis Review

Technical outlook and chart setups:

Gold has met the minimum criteria and rallied into $1.207.00 levels before pulling back. The metal needs to break below $1,175.00 mark to confirm that a meaningful lower top has been made at $1,207.00 levels. Bulls, seem to be determined to hold prices above $1,190.00 levels for now and push it even higher. A break above $1,208.00 levels, could see the metal rising up to $1,235.00 and $1,255.00 levels as well. It is recommended to hold remaining long positions for now, risk remains at $1,1750.00. Support is seen at $1,175.00, followed by $1,145.00, $1,130.00 and lower while resistance is seen at $1,235.00, followed by $1,255.00 and higher respectively.

Trading recommendations:

Hold long positions, stop at $1,175.00, the target is up to $1,255.00

Good luck!

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