Silver again faces resistance at 1590/1595 this morning

Daily Forecast - 19 December 2014

Gold February Contract

Gold has immediate support at 1190/1188 but below here keeps the market under pressure to target support at 1182/80. This could hold the downside again but longs need a stop below 1176. Be ready to go with a break lower to target 1172 then 1169/68 & perhaps as far as 1164/63.

Holding above 1190 opens the door to a recovery to 1201/1203 today. It could still be worth trying shorts again with stops above 1206, even though this trade did not work yesterday. Be ready to go with a break higher again however to re-target strong resistance at 1212/1213. Look for a high for the day here and try shorts with a stop above 1216.

Mini Russell 2000 March contract

Mini Russell above 1192 meets the March contract high at 1200. Above here we can test all-time highs at 1211/1213. It's a weekly close which adds significance, so a close above either of these levels keeps the outlook positive into next week. A break higher today targets 1218/1219 then 1225/26.

Below 1186 may trigger some profit-taking as far as 1178/1176. This could hold the downside but on a break lower look for a very good buying opportunity at 1168/1166, with stops below 1160. Try longs again at 1153/1151 with stops below 1145.

S&P March contract

Emini S&P made it as far as 2062 yesterday in a near 60 point rally, less than 10 points from the all-time high for the March contract at 2071.75. Above here we meet the all-time high at 2079. It's the weekly close tonight, which adds significance and of course a close above either of these levels keeps the outlook positive for next week. Break higher today targets 2084/85 then 2090/91. If we continue higher look for 2097/2099.

We are overbought in the short-term but any profit-taking offers a buying opportunity in the Bull trend. First support is at 2040/2038, but longs need a stop below 2032. Next target and support seen at 2028/2025. This should hold the downside but longs need a stop below 2020. Try longs again at 2013/2010.

Silver Futures December contract

Silver again faces resistance at 1590/1595 this morning but a break higher again targets 1620/1625. If we continue higher look for a selling opportunity at 1645/50 today. Try shorts with a stop above 1667. Be ready to go with a break higher to target strong resistance at 1695/1700.

Failure to beat strong resistance at 1590/1595 keeps the market under pressure to retest yesterday's low at 1575/74 then this week's low at 1560/55. If we continue lower today, look for a test of the next support at 1525/1520. Any longs here will need a stop below 1500.

AUDJPY Spot

AUDJPY unexpectedly beat 9695/9705 to hit our next targets of 9745 then 9765/9775 & topped exactly here at 9761. However be ready to go with a break above 9775 today to target strong resistance at 9800/9810. Try shorts with stops above 9840. Once again we must be ready to go with a break using 9810 as support for a move towards 9855 then 9875/78.

Immediate support at 9700/95 could hold the downside now but below here targets 9665/60 then good support at 9630/9615. This area should hold the downside and is worth trying longs with a stop below 9595. A break lower however sees 9615/9620 act as resistance for a move down to 9570 then 9550/9545. Any further losses risk a retest of this week's low at 9529/9518.

Dax December contract

Dax outlook remains positive so be ready to go with a break above 9865/9870(March 9877/82) to target 9895/9900(March 9907/9912) then 9911/9914(March 9923/26). If we continue higher today we should test two month trendline resistance at 9950/9955. There is quite good chance of a high for the day here but be aware that a break higher targets 9990/10,000.

Any profit-taking today meets immediate support at 9805/9800(March 9817/12) but below here look for a buying opportunity at 9765/55(March 9777/67) with a stop below 9730(March 9740). However on a break lower look for the next buying opportunity at 9710/9700(March 9722/12) with a stop below 9670(March 9680). An unexpected break lower targets 9640(March 9651) but below here risks a slide as far as 9578(March 9590).

E Mini Nasdaq March contract

E-Mini Nasdaq above yesterday's high of 4272 targets 4287 then resistance at 4294/96. We should struggle here initially, but a break higher in this very strong Bull trend is always possible and should target 4315 then 4320/23. If we continue higher look for 4330 then a retest of March contract highs at 4342.25.

Any profit-taking meets immediate support at 4258/4257 but below here it could be worth trying longs at 4247/4243 with a stop below 4234. However on a break lower we should target 4225/4224 then a very good buying opportunity at 4216/4212 with a stop below 4205.

Emini Dow Jones March contract

Emini Dow Jones saw a near 500 point gain yesterday to take as back up to last week's midweek highs at 17,702/738. A break above yesterday's high of 17,744 is obviously positive and targets 17,800/17,815. If we continue higher look for 17,860 then the all-time highs in 17,892/17,908 area. It's the weekly close tonight and of course a close above the all-time high would start next week with a very positive outlook. A break higher today targets 17945/55 then 17,990/18,000.

Failure to hold above 17,700 could trigger a little short-term profit-taking down to 17,650/645 but below here look for a buying opportunity at 17,600/590 with a stop below 17,540. Just be aware that an unexpected break lower targets 17,505/500 then 17,466/457.