Daily Gold & Forex Update 5th December GOLD SIGNAL GOLD PENDING ORDERS GOLD BUY @ $1234 Stop @ $1210 Target $1285 ***VALID FOR THURSDAY TRADE ONLY*** FOREX SIGNALS NEW FOREX PENDING ORDERS GBP/USD BUY @ $1.63790 stop @ $1.62950 Target $1.65900. (buy taken @ market) if you can buy it lower the better as less risk. USD/JPY buy @101.40 stop @100.80 Open target x 1 contract ***valid for Thursday trade only*** S&P pulled back below the 20dma but was able to recover and close back above the 20dma. This is the problem with shorting the S&P. Its hard to fight the billions of dollars of free money they are throwing around. When the stock market finally falls it will fall hard and fast. At the moment the short trade is still risky with a bullish hammer candle on the daily chart. It looks like it will come down to the data being released over the next few days. Jobless claims today along with GDP then NFP on Friday to be the tipping point. ________________________________________ GOLD DAILY UPDATE After selling off during the day gold rallied hard to force the shorts to cover. Gold may have made an important low Wednesday. Still too early to tell but I like the way gold rallied hard. At the moment its just short covering but could develop into something more as long as this low holds. The gap from Mondays open I wrote about in Tuesdays daily update was filled on the spike higher on Wednesday. Perfect gap fill. Gapped down at the open and never looked back. Gold has now left a gap @ $1248-$1250.50 that will get filled eventually. I also wrote that when everyone is bearish gold this is usually bullish for gold. This is why I wasnt looking for a short when everyone was shorting gold. This could be a bear trap so not ready to short it just yet. I like it when everyone is bearish gold. When everyone is bullish gold I always get worried A weekly close @ or above $1248 would be bullish setting up a hammer candle on the weekly chart. Setting an important low. Long way to go with some important data out Thursday and Friday Data out from the US THURSDAY Jobless claims GDP FRIDAY NFP numbers Personal Income and Outlays Expect some whipsaw action today and Friday A daily close over the 20dma would be bullish and a run towards $1292 which is currently the 50dma possible. A break above $1254 and $1257 previous highs and the 20dma and more shorts will cover towards $1292. I am now looking to buy a pullback. I have set the following buy order ________________________________________ CANCEL FOLLOWING BUY ORDER GBP/USD buy @ $1.62200 stop @ $1.61500 target $1.64900 x 2 contracts cancel this buy ***CANCEL THIS BUY ORDER*** FOREX UPDATE GBP/USD more sideways movement. The day finished with a bullish hammer candle. A break above $1.64400s would be bullish. I have taking a buy @ market @ $1.63790 which is only 30 pips from where I exited the other day due to the bearish candle. I have set a stop @ $1.62950 target &1.65900 x 1 contract. A break above $1.64500 would be bullish and cause a short squeeze. ________________________________________ AUD/USD More downside on Wednesday making a lower low. AUD is under pressure. holding the $0.90000 at the moment. A break below and AUD is in big trouble. Still no reason to be long or short at the moment. Its too over sold to short and until AUD gets back above the 20dma no reason to buy. Staying flat at the moment. A break above and close over the 20dma would be bullish and have me interested in a buy. Until then staying flat ________________________________________ EUR/USD Still sideways movement and AGAIN nothing has changed from yesterdays update or the day before. Pretty much nothing has changed for the last 7 trading days. While EUR/USD is under $1.36300-EUR is neutral. Neither bulls or bears winning at the moment. EUR is stuck between $1.34000-$1.36300. A break above $1.36300 is bullish and I will look to take a buy. Neutral between $1.34000-$1.36300. Bearish under $1.34000 and I will take a short. Waiting for a break of either of these supports or resistance. Flat and waiting ________________________________________ USD/JPY My buy @ 101.85 was filled and bounced off but still expect USD/JPY to spend some more time between 101-102. The day finished neutral with both bulls and bears fighting it out. Some more downside possible. I still think the second contract could be filled. A move back up over 103.37 would be extremely bullish and next target is 105
Posted on: Thu, 05 Dec 2013 04:20:32 +0000
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