Daily Forecast - 19 October 2015
Dax December contract
Dax same levels apply for today with strong resistance at 10170/190 the main challenge for bulls again today. A break above 10210 however targets 10260 & strong trend line resistance at 10290/300. This should hold a rally & could mark the high for the recovery. Try shorts with stops above 10340. Just be aware that a weekly close above 10300 is positive for next week.
Minor support at 10080/070 but below 10050 adds pressure to target 10035 & only minor support at 10010/000. A bounce from here on the first test is possible but longs here look a little risky. Be ready to sell a break below here if not already short to target 9960 then good support at 9900/9890. A good chance of a low for the day.
Gold Spot
Gold could go lower in the short term & holding below 1177 targets first support at 1170/69. Trying longs here looks a little risky however & break lower targets better support at 1166/64. Try longs here though, with stops at 1159.
Above 1178 allows a recovery to trend line resistance at 1186/87. We should struggle with any gains today but shorts need stops above 1190. A break higher sees bulls likely to remain in control but it could be a slow crawl higher in overbought conditions to 1192, 1196/97 then 1201/02. If we continue higher look for 1207/08.
The contents of our reports are intended to be understood by professional users who are fully aware of the inherent risks in Forex, Futures, Options, Stocks and Bonds trading. INFORMATION PROVIDED WITHIN THIS MATERIAL SHOULD NOT BE CONSTRUED AS ADVICE AND IS PROVIDED FOR INFORMATION AND EDUCATION PURPOSES ONLY.
Recommended Content
Editors’ Picks
GBP/USD slides to its lowest level since November, eyes 1.2400 ahead of UK jobs data
GBP/USD drifts lower for the third straight day on Tuesday and drops to its lowest level since November 17 during the Asian session. Spot prices trade around the 1.2420 region as traders now look to the UK monthly employment details for a fresh impetus.
EUR/USD falls toward 1.0600 on higher expectations of the Fed prolonging higher rates
EUR/USD continues to lose ground for the sixth successive session, trading near 1.0610 during the Asian hours on Tuesday. The elevated US Dollar is exerting pressure on the pair, potentially influenced by the higher US Treasury yields.
Gold price holds steady below $2,400 mark, bullish potential seems intact
Gold price oscillates in a narrow band on Tuesday and remains close to the all-time peak. The worsening Middle East crisis weighs on investors’ sentiment and benefits the metal. Reduced Fed rate cut bets lift the USD to a fresh YTD top and cap gains for the XAU/USD.
SOL primed for a breakout as it completes a rounding bottom pattern
Solana price has conformed to the broader market crash, following in the steps of Bitcoin price that remains in the red below the $65,000 threshold. For SOL, however, the sensational altcoin could have a big move in store.
The week ahead: Key economic and earnings releases to watch
The market’s focus may be on geopolitical issues at the start of this week, but there is a large amount of economic data and more earnings releases to digest in the coming days.