Daily Forecast - 06 November 2015
Gold Spot
Gold meets first resistance at 1110/1111 today but being oversold we could continue higher to stronger resistance at 1115/16. Watch for a high for the day but shorts need stops above 1120. If we continue higher look for a selling opportunity at 1123/24 with n further gains expected but shorts need stops above 1127.
Failure to beat 1110/11 keeps the pressure on for 1106 then yesterday's low at 1103/02. If we continue lower there is good support at September lows at 1099/98. This could hold the downside in severely oversold conditions but longs need stops below 1096. Be ready to sell a break below to target 1193/92.
S&P December contract
Emini S&P above 2100 could re-target 2106/07 then 2109/10. On a break higher today look for 2113/14 & July highs at 2125/26. If we continue higher this week look for June highs at 2127.50 then the all time high set in May at 2134.
Holding below 2100 targets support at 2087/86 but if we continue lower today look for 2081/80, perhaps as far as good support at 2076/75 for an excellent buying opportunity. Longs need stops below 2070. A break lower is a short term sell signal however targeting 2059/58 & perhaps as far as good support at 2053/52 for the next buying opportunity.
USDJPY Spot
USDJPY key to direction is of course the 100 day moving average at 121.72/75 again today. Bulls will need to clear & close above here & beat Fibonacci resistance at 121.90/95 to be in full control for next week. A sustained break above 122.00 today could trigger sharp moves higher to target 122.33, 122.57 & 122.90/93.
First support at 121.51/46 must hold the downside once again today or we move back in to dull range trading. Further losses target 121.25 then good support for today at 121.10/00 which should hold the downside. Longs need stops below 120.80 to target 120.55 then good support at 120.30/25.
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