Technicals for Gold (Spot) and Silver (Spot) for 26th February 2013

Technicals for Gold (Spot) and Silver (Spot) for 26th February 2013

Gold Spot resistance levels @ 1597/1604. Near term looking in correction mode. Major resistance @1628/30 levels. Convincing close above this level will take to 1665/70. Support for Gold (Spot) is 1584/77.

Major trend remains bearish unless it closes above 1630/35
Near term looking in correction mode, can go up to 1625/28 unless it doesn't closes below 1555

Silver Spot resistance around 2930/2955

Silver looks a buy around 2865/50 with a closing stop of 2760 for target of 3020/60 (but needs patience) .

Can see major short covering once 2930/40 is cleared convincingly.

Support for silver @2810/2780/2760

Have a great trading day

Love and Regards

Daily Fx Views 09.07.08

Daily Fx Views:

Eur sell arnd 1.5680/90 stop 1.5725
Gbp buy arnd 1.9675/95 stop 1.9640
Jpy buy arnd 107.25/107.00 stop 106.75
Chf buy arnd 1.0300/1.0310 stop 1.0260

Have a gr8 trading day!!!!

Hitesh Bafna

Technical Fx (MAJORS) views for week - 7 July to 11 July 08

Eur/Usd
Eur/Usd was sold after not so hawkish comments by Trichet after the ECB rate hike on Thrus.
For this week I recommend selling Eur/Usd on any strength towards 1.5700/ 15730 with a stop of 1.5785/15800.
Eur/Usd seems to be in corrective leg of rally from 1.5340 - 1.5915 with retracement lvls of:
1.5695 (38.2%)
1.5626 (50%)
1.5560 (61.8%)

However any daily close below 1.5680 could lead the Eur penetrating into previous flag formation of 1.5680 and 1.5335.

NOTE: One important observation I made on quarterly Eur/Usd charts is a DOJI formation, that so after a rally of previous quarters. This mite signal a reversal in rally of Eur/Usd. Hence I have a long term bearish view on Eur/Usd unless it convincingly closes above 1.6000.

GBP/USD

A shooting star and bearish piercing pattern on Weekly charts.... making me bearish on this pair.
It has pierced into the previous flag formation of 1.9850 and 1.9700 thus i recommend sell on strengthning of the pair arnd 1.9850/1.9900 with stop of 1.9965. Only a convincing close above 2.0000 would make my view bullish

USD/JPY

Fail to make a reversal pattern of three blak crows on weekly charts. Also, was unable to close below importan support of 105.40 thus recommend buying of the pair around 105.70/106.00 with stop of 105.

I welcome your views and comments

Have a good trading week