Sorry to our readers for being off the blog for last six months.
Will try to be regular now.....
Last week was quite eventful and thus volatile...
Gold (Spot) : Almost touched 61.8% retracement from 1226.50 to 1079.00 lvl of arnd 1069 lvls.... Looks like the retracment is over andd now a retracement in downside (1162-1079) , a doji formation on weekly charts, is due... so can go short arnd 1146/1152 lvls with stop of 1163 for tgt of 1121/23 lvs...n
Note: Decemeber 2009 was first month after June 2009 where Gold's open to close was lower...
Silver (Spot) : Similar to gold, Doji formation on weekly on charts, will suggest to go short on Silver arnd 1870/75 lvls with 1900 as stop for tgt arnd 1785 lvls (which is 50% retracement on recent upmove).
Note: Doji formation in Silver on quarerly charts, be caution on long side.... only if 1900/25 lvls broken comfortably would suggest going long on Silver....
Usd Index: Dollar Index looks bullish on the weekly charts. Can go long on March 2010 contract arnd 77 lvls with stop of 76.50 for tgt of 78.10/20 lvls.
Eur/Usd: moving in an channel for past 4 weeks..... Looks like the correction for recent downleg is over and we are reaady to move lower.... Small Double top formation on Daily charts arnd 1.5140 lvls and engulfing pattern on monthly charts have turn Euro charts bearish... This week can sell arnd 1.4450 lvls stop of 14520..... abv 14530 with take us to 1.4610/20 lvls.... Only brk of 14680/147000 would turn bullish....
Gbp/Usd: Flag formation on weekly and monthly charts...... Hence movin broader range .... Below 1.5650 bearish and abv 16900 bullish till then in range....
This week play the narrow range of 1.6350 and 1.6100
Long term.... bearsih on Gbp
Usd/Jpy: Daily close below 90.30 shld take Usd/Jpy to 89.40 lvls.... Sell Usd/Jpy arnd 92.35 lvls for target of stop of 94 for tgt of 89.40/50 lvls.
Watch out this blog here for futher technicals during the week.
Happy Trading Week.
Cheers...
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