Daily Forecast - 16 December 2015
EURGBP Spot
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 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.
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