Gold collapsed from resistance at 1811/15 targeting 1802/00, 1786/83, 1763/60, 1755/53 & 1745. We fell as far as 1732. Further losses are expected targeting 1720, 1700 & 1690/85.
Again gains are likely to be limited in the bear trend with minor resistance at yesterday's high of 1748/50 & strong resistance at 1765/70. Shorts need stops above 1775.
Silver broke key support at 2050/45 for an important sell signal with steep losses as predicted to 2000, 1950/45, 1900 & almost as far as 1880/60 as we become oversold. This is key support for today. A weekly close below 1850 is the next sell signal.
Holding key support at 1880/60 (try longs if you feel brave in the bear trend) targets 1935/40, perhaps as far as 1960/65 for profit taking.
EURCAD broke support at 1.3395/85 for a sell signal & bounced to 1.3390 on Wednesday giving us a perfect chance to enter shorts (if you had not already) before we reached 1.3175 yesterday.
An easy 200 pip profit so far, but outlook remains negative.
EURUSD crashed through the triple bottom for a sell signal this week & fell another 200 pips to my targets of 1.0200 & 1.0170/60, perhaps as far as 1.0120/10 today. On further losses look for 1.070/60 & 1.0030/20.
Gains are likely to be limited with minor resistance at 1.0240/60 & strong resistance at 1.0330/50.
USDCAD first support at 1.2960/50. Longs need stops below 1.2920. A break lower is a sell signal targeting 1.2880/60 then 1.2830/20.
1 year trend line resistance at the June high of 1.3060/80. Shorts need stops above 1.3100. A break higher is an important buy signal. A 200 pip plus move could follow.
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
EUR/USD trims gains and returns below 1.0800
The sudden data-driven bounce in the Greenback motivated EUR/USD to give away part of the daily gains and refocus on the area below the 1.0800 support on Monday.
GBP/USD loses some traction and revisits 1.2550
GBP/USD now sheds some ground in reponse to the marked comeback in the US Dollar after the NY Fed Inflation Expectations came in higher than expected.
Gold accelerates its corrective decline to $2,330
Gold prices remain on the back foot amidst some recovery in the Greenback ahead of the release of US PPI and CPI later in the week, prompting XAU/USD to retest the $2,330 region per troy ounce.
Crypto market under pressure from Bitcoin
Crypto market cap on Monday stands at $2.2 trillion, down 5.2% over seven days, although it showed some growth over the weekend. Local market capitalisation peaked on March 14th, but the active decline began about a month ago.
Five fundamentals for the week: Inflation and what the Fed says about it are in focus Premium
Will inflation finally fall? That is the question for markets, battered by four consecutive worrying releases of the all-important CPI. A warm-up with PPI, speeches by key Fed officials, and also a look at the central bank's second mandate.