FOREXYARD: Forex News Blog | |
- Gold Trading Update
- USD/CHF Provides Signs for Reversal
- USD/JPY- Bullish Signal
- Silver Looks to Move Above All-Time High
| Posted: 30 Dec 2010 01:49 AM PST
The gold climbed to a high of $1414 an ounce, compared to the low of USD 1372 an ounce in the end of last week, supported by Euro's recovery from a three week low against the US Dollar. At this period trade is thin as most of funds and banks are out of the market. Little activity is expected during the break. The markets will resume properly in the first week of January and investors expect gold to climb around $1450. an ounce. Fears about Euro zone's peripheral economies debt crisis still exist and are not going to vanish easily. These concerns make people to feel better when they hold a tangible asset. • The next support levels are located at the $1410, $1400 and $1390 levels. |
| USD/CHF Provides Signs for Reversal Posted: 30 Dec 2010 01:44 AM PST
The USD has dropped significantly versus the CHF in the past 2 weeks, and it is currently traded around 0.9375. And now as evident in the data, the 4-hour chart is giving bullish signals, indicating that USD/CHF pair might go up. Forex traders can take advantage of this impending movement by having their Entry Orders in place to capture this reversal. • The next support levels are located at the 0.9345, 0.9315 and $0.9295 levels. USD/CHF 4-Hour Chart |
| Posted: 29 Dec 2010 11:55 PM PST
The USD/JPY pair saw quite a consistent bearish trend during the past few weeks. The pair lost about 300 pips since December 16th, falling from the 84.40 level to the 81.40 level today. However, after the pair failed to breach through the 81.40 level it began correcting itself, and is now trading near the 81.60 level. The bullish correction is likely to extend today, with potential to reach the 82.00 level. • The chart below is the 4-hour chart USD/JPY by ForexYard. There is a very distinct bearish channel formed on the 4-hour chart, and the pair is now floating in its bottom. • The pair recently reached as high as the 84.20 level, yet this appears to have initiated a mild bearish correction. • The Slow Stochastic has just completed a bullish cross above the 20-line, indicating that a bullish correction might take place. • In addition, The RSI signals that the price of this pair currently floats in the over-sold territory, indicating upward pressure. • The next support levels are located at the 81.20, 80.80 and 80.50 levels. • The next resistance levels are found at the 81.90, 82.30 and 82.70 levels. USD/JPY 4-Hour Chart |
| Silver Looks to Move Above All-Time High Posted: 29 Dec 2010 08:47 PM PST
The gains in spot silver prices continue to increase with today's price breaching the all-time high of $30.69. When the price of a commodity makes a new high, this sends a very strong message that something fundamental is occurring in the market. One school of thought is a recovery in the global economy. As the economies of the developed nations of world begin to grow, such as the US, Great Britain, China, and Japan, demand for raw materials have increased along with industrial consumption numbers. Traders can take advantage of the rising prices by going long on spot silver with stops placed below the rising trend line that extends from the late August low. Today's Market Events: USD – Weekly Unemployment Claims – 13:30 GMT USD – Pending Home Sales – 15:00 GMT Oil – Crude Oil Inventory Report – 16:00 |
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