Daily Pivots: (S1) 86.46; (P) 87.84; (R1) 88.59

USD/JPY’s recovery from 87.13 breaches 89.24 minor resistance briefly, suggesting that an intraday low in in place. Intraday outlook is turned neutral for the moment and some recovery could be seen. Nevertheless, upside is expected to be limited below 91.57 resistance and bring fall resumption. Below 87.13 will target 100% projection of 124.13 to 95.77 from 110.66 at 82.30. Read the rest of this entry »

GBP/JPY Mid-Day Outlook

Daily Pivots: (S1) 137.32; (P) 138.20; (R1) 139.59

GBP/JPY’s recovery from 133.09 was limited below 140.71 resistance and weakens again today. 4 hours MACD’s cross below signal line indicates that an intraday top is formed and dampens the immediate bullish case. Intraday outlook is turned neutral for the moment. On the upside, above 140.71 will indicate that rise from 133.09 has resumed. Also this will affirm the case that a short term bottom is in place at 133.09 and bring rally towards 148.57 resistance next. Break there will confirm this case. On the downside, though, below 133.09 will indicate recent down trend is still in progress for key long term support at 129.32 before completion. Read the rest of this entry »

Comex Gold (GC)

By : OilNGold
Gold weakens sharply today and is now pressing mentioned 786 minor support. As discussed before, failure below 824.5/838.8 , followed by break of 786.20 support will indicate that correction from 681 has completed. In such case, intraday bias will flip back to the downside first. Further break of 731.4 support will maintain the original bearish view. In such case, fall from 936.3 should be resuming for 681 low and below. On the upside, however, decisive break of mentioned 824.5/838.8 resistance zone will be an early alert that whole correction from 1033.9 has completed and stronger rise should then be seen to test 936.3 resistance first.

In the bigger picture, as mentioned, there is no confirmation that correction from 1033.9 has completed yet. On resumption, it should target next key support zone of 100% projection of 1033.9 to 739.8 from 936.3 at 642.2 and 61.8% retracement of 371.3 to 1033.9 at 624.41. However, break of 824.5/838.8 resistance zone will be the first alert that such correction has completed. Further break of 936.3 resistance will confirm this case and bring retest of 1033.9 high.

Comex Gold Continuous Contract 4 Hours Chart

Comex Gold Continuous Contract Daily Chart

Comex Gold (GC)

At this moment, Gold is still struggling below mentioned 824.5/838.8 resistance zone. Outlook remains unchanged. Intraday bias remains mildly on the upside as long as 786.20 minor support holds. Decisive break of mentioned 824.5/838.8 resistance zone will be an early alert that whole correction from 1033.9 has completed and stronger rise should then be seen to test 936.3 resistance first. However, on the downside, failure below 824.5/838.8 , followed by break of 786.20 support will indicate that an intraday top is formed. Further break of 739.2 support will maintain the original bearish view. In such case, fall from 936.3 should be resuming for 681 low and below. Read the rest of this entry »

Daily Pivots: (S1) 1.2695; (P) 1.2824; (R1) 1.3084

EUR/USD surges further to as high as 1.3080 in early US session and at this point, intraday bias remains on the upside as long as 1.2803 minor support holds. As discussed before, rise from 1.2423 should represent another rising leg of the consolidation that started at 1.2329 and further rally could be seen to 1.3290 or above. Though, upside is still expected to be limited below 1.3768 cluster resistance and bring down trend resumption. On the downside, below will turn intraday outlook neutral first. Further break of 1.2423 will indicate that such consolidation has likely completed and recent down trend is resuming for 50% retracement of 0.8223 to 1.6038 at 1.2131 next. Read the rest of this entry »

Not change in Gold’s outlook as consolidation continues between 717.1 and 778.3. The development so far argues that it’s in form of a triangle pattern which could be completing. As discussed before, below 717.10 will indicate that such consolidation from 684.6 has completed. In such case, retest of 684.60 low should be seen first and then 100% projection of 1033.9 to 739.8 from 936.3 at 642.2. On the upside, while another rise cannot be ruled out for the moment, we’d still expect upside to be limited below 824.5 resistance and bring down trend resumption. Read the rest of this entry »

Comex Gold (GC)

Gold’s rise from 698.2 extends further to as high as 820.20 today so far. At this point, intraday bias remains on the upside as long as 786.20 minor support holds. As discussed before, focus is now on resistance zone of 824.5 and 61.8% retracement of 936.3 to 681 at 838.8. Sustained break of mentioned 824.5/838.8 resistance zone will be an early alert that whole correction from 1033.9 has completed and stronger rise should then be seen to test 936.3 resistance first. Read the rest of this entry »

Daily Pivots: (S1) 1.2555; (P) 1.2628; (R1) 1.2689

EUR/USD’s strong rally in early US session suggests that rebound from 1.2389 is resuming. At this point, intraday bias is mildly on the upside as long as 1.2585 minor support holds. Further rise is in favor to 1.3290 high and 100% projection of 1.2329 to 1.3290 from 1.2389 at 1.3350 to complete the consolidation from 1.2329. Nevertheless, upside is expected be limited below 1.3768 cluster resistance and bring down trend resumption. On the downside, below 1.2585 will flip intraday bias back to the downside and break of 1.2389 will be an important indication that consolidation from 1.2329 has completed and recent down trend has resumed for next target of 50% retracement of 0.8223 to 1.6038 at 1.2131

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Gold continues to stay in established range without any direction. Consolidation from 684.60 is still in progress and is probably in form of a contracting triangle. Having said that, further upside cannot be ruled out as long as 698.2 minor support holds but we’d still expect such consolidation to be limited below 824.5 support turned resistance and bring down trend resumption. On the downside, below 698.2 will be an early alert that such consolidation has completed. It will flip intraday bias back to the downside for retesting 684.6 low first. Break will confirm recent down trend has resumed.

In the bigger picture, correction from 1033.9 is still in force and should be targeting next key support zone of 100% projection of 1033.9 to 739.8 from 936.3 at 642.2 and 61.8% retracement of 371.3 to 1033.9 at 624.41. On the upside, while some rebound might be seen, break of 936.3 is needed to confirm that fall from 1033.9 has completed. Otherwise, medium term outlook will remain bearish.

Comex Gold Continuous Contract 4 Hours Chart

Comex Gold Continuous Contract Daily Chart

BY OilNGold

Daily Pivots: (S1) 1.4609; (P) 1.4781; (R1) 1.4907

GBP/USD’s recovery from 1.4557 extends further today and with 4 hours MACD staying well above signal line, an intraday low should be in place. Some more consolidation is in favor. Above 1.4557 will encourage stronger recovery towards 4 hours 55 EMA (now at 1.5327). But upside should be limited below 1.5600 support turned resistance and bring fall resumption. On the downside, below 1.4557 will target mentioned 100% projection of 1.7630 to 1.5269 from 1.6671 at 1.4310.

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