Gold technical analysis for October 29, 2015 Market Analysis Review

Gold price made a fake breakout yesterday and a sharp reversal below $1,160. Prices reached $1,152 with volatility spiking. Gold price is in a corrective phase that can bring the precious metal back in the area of $1,140-20. A new up trend similar to the rise from $1,100 to $1,190 should then follow.

Green rectangle - impulsive move

Blue rectangle - corrective area

Blue line - price projection

Gold price is trading below the Ichimoku cloud and near the 38% Fibonacci retracement. A trend is neutral as gold price is in a corrective phase as depicted in the chart. Once this phase is over, we should see the resumption of the up trend towards $1,200 and higher. Support is at $1,140-20 and we should start turning bullish again once the stochastic enters the oversold area.

The weekly candle remains above the kijun-sen. A break below it will imply more downside should be expected at least towards the tenkan-sen.

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Global macro overview for 29/10/2015 Market Analysis Review

Global macro overview for 29/10/2015:

After the yesterday's hawkish FOMC statements the odds for the December rate hike are back on the table with the probability of 49%. The difference between the September and October FOMC meetings is as follows:

- the Fed has increased the rate of household and business spending from moderate to solid

- the recent global economic and financial developments line was reduced and used as a summary of the events that the Fed will be monitoring

- the most important lie in statement: whether it will be appropriate to raise the target range at its next meeting

The market consensus was the Fed not rising the rates this year, so this remarks has send US Dollar to surge higher across the board as the probability of the next month rate hike is unexpectedly rising. The US Dollar index has been seen trading higher after the FOMC statement and currently is at the level of 97.40, a 70 pips higher than the recent technical support at the level of 96.71. The next resistance is seen at the level of 98.32.

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Technical analysis of EUR/JPY for October 29, 2015 Market Analysis Review

General overview for 29/10/2015 09:50 CET

After recent developments, a triangle idea of wave B blue was abandoned and charts were updated. It looks like the corrective cycle is evolving a more complex

and time-consuming triple-three complex corrective pattern where wave Z black must be already completed. To complete this wave, the market needs to break below the level of 131.07. From that level, the re-bound and trend resumption is highly possible.

Support/Resistance:

131.28 - WS2

131.54 - 223%Fibo

131.58 - Intraday Support

132.28 - WS1

132.68 - Intraday Resistance

Trading recommendations:

Day traders should refrain from trading until the next trading setup will occur.

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Daily analysis of major pairs for October 29, 2015 Market Analysis Review

EUR/USD: After moving sideways from Monday to Tuesday, this pair broke further downwards on Wednesday in a simple conjunction with the current bearish outlook. The great psychological level at 1.1000 has been overcome by bears as the price tested the support line at 1.0900, which could be broken to the downside in case the current selling pressure continues.

USD/CHF: The USD/CHF has assumed its upward journey, which started last week. The price is now close to the resistance level of 0.9950, which could be breached to the upside, in case the fundamental figures that are expected today favor the ongoing bullish pressure in the market. The price has moved upwards by 170 pips this week, and this gain may continue for the rest of the week.

GBP/USD: This currency trading instrument is moving downward slowly and gradually, partly owing to the weakness in EUR/USD (a pair with which the GBP/USD is positively correlated). There is a Bearish Confirmation Pattern on the chart: the EMA 11 is below the EMA 56 and the RSI period 14 is below the level 50. Further movement to the south is therefore logically anticipated.

USD/JPY: What happened on Wednesday underlines the ongoing bullish pressure in the market. The price formed a bullish engulfing candlestick pattern yesterday, thereby ending the recent bearish attempt in the market. The price is now above the demand level at 121.00, and it could reach the supply level at 121.50, which is the target for this week.

EUR/JPY: The EUR/JPY cross traded further downwards on Wednesday, reinforcing the bearish bias in the market. The demand zone at 132.00 has been tested and it could be retested. It could even be breached to the downside as the price reaches another demand zone at 131.50. However, a bullish reversal could be experienced on Friday.

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Technical analysis of USD/CAD for October 29, 2015 Market Analysis Review

General overview for 29/10/2015 09:00 CET

The updated labeling of the hourly chart suggests a possible continuation of the corrective cycle in the wave 4 purple instead of an impulsive wave progression to the upside. There is still a possibility of another higher high in the wave 5 purple, but the recent developments in lower time frames does not support this view. The current labeling will be invalidated if the level of 1.3276 is violated.

Support/Resistnace:

1.3316 - WR1

1.3276 - Local High

1.3223 - Intraday Resistance

1.3109 - Weekly Pivot

1.3089 - Intraday Support

Trading recommendations:

All buy orders should now be closed and day traders should refrain from trading until next trading setup occurs.

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Technical analysis of Silver for October 29, 2015 Market Analysis Review

Technical outlook and chart setups:

Silver moved through $16.30/40 yesterday before pulling back lower again. The metal trades just below $16.00 at the moment and might be looking for an opportunity to produce a meaningful correction lower towards $15.00/20 before the rally could be resumed. It is hence recommended to remain flat and look for an opportunity to initiate fresh long positions a bit lower. Immediate support is seen at $15.40/50 followed by $15.00, $14.40, and lower, while resistance is seen at $16.50 followed by $17.50 and higher. Bulls are expected to remain under control until prices stay broadly above $14.00.

Trading recommendations:

Remain flat and buy lower around $15.00/20.

Good luck!

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Technical analysis of Gold for October 29 2015 Market Analysis Review

Technical outlook and chart setups:

Gold has yet again dropped to its previous support of $1,160.00 after testing highs at $1,181.00. Please note that the yellow metal could still drop to its Fibonacci 0.618 support at $1,138.00/40.00 before moving towards the levels of $1,200.00 and $1,230.00. An uptrend, which began from $1,080.00, remains intact until prices stay above the levels of $1,100.00. It is recommended to remain flat and look for an opportunity to enter the lower levels. Immediate support is seen at $1,150.00, while resistance is seen at $1,200.00 followed by $1,230.00 and higher.

Trading recommendations:

Remain flat and go long around $1,130.00/40.00 with stop at $1,100.00.

Good luck!

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