Daily Forecast - 16 December 2015

EURGBP Spot

EURGBP

EURGBP same levels apply for today & of course we must must beat 7265/70 for another selling opportunity at 7295/99. We can keep doing this trade until it fails so shorts need stops above 7310. A break higher is a buy signal & targets 7329/30, par 7356/60. If we continue higher look for 7373.

Failure to beat 7265/70 targets first support at 7235/30 then better support at 7205/00 which remains the most important of the week. Again longs need stops below 7190. A break lower is a sell signal & targets minor support at 7178/75. This could hold the downside initially but further losses target 7143/40.


Gold Spot

Gold

Gold holding below 1068/67 is negative for today. First target 1059/58 then 1053/52. Failure here risks a retest of 1046/45 low for the bear market. Obviously a break below here is a sell signal & targets 1040/39 then 1034/33.

First resistance at 1067/68 but above 1070 allows a recovery to 1074/75 then strong resistance at 1079/80. Try shorts with stops above 1083. A break higher is a buy signal however to target December highs at 1088/89 then minor resistance at 1091/92. If we continue higher look for a selling opportunity at 1101/1102.

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.

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