Daily Forecast - 02 November 2015
Gold Spot
Gold key to direction is now 1139. We have not yet seen a close below 1139 but if this is seen today it turns the longer term outlook negative again & targets 1135, 1130/29 then 1123/22. This area is a strong short term buying opportunity & could see a low for the week.
Bulls need to see prices hold above 1139 to maintain the 3 month recovery. Above 1141 is more positive & targets the main challenge for bulls today at 1145/46. Watch for a high for the day but shorts need stops above 1149. A break higher sees 1145/46 act as support to target resistance at 1151/53.
USDJPY Spot
USDJPY holding below 120.70 as I write to target 120.45, perhaps as far as our buying opportunity at 120.20/16. Our longs here need stops below 119.95. Be ready to sell a break below to target 119.80/75 then support at 119.40/35 for the next buying opportunity.
First resistance at 120.70 but above here targets minor resistance at 121.00/03 then 121.15/20. We should struggle here but a break above 121.25 keeps bulls in short term control to target October highs at 121.46/51. A break above here this week would be positive again & targets 121.72/75, perhaps as far as strong resistance at 121.90/95.
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