Today’s outlook for spot Gold & Forex markets
Monday, February 10, 2014
by Jason Sen of DayTradeIdeas.com
Gold has been stuck in a range from 1240/38 up to 1274/79 for 2 weeks. On Friday we beat 100 day moving average resistance at 1267/68 but did not manage to close above here. Below 1264 is more negative with immediate support at 1257/56. If we continue lower look for support at 1249/48 which could hold the downside but below here good support at 1242/40 & a low for the day likely. However any longs need stops below 1236. A break lower is a negative signal & could trigger further selling for a target of 1231/30.
We meet strong resistance at 1271/72 for a selling opportunity with stops above 1275. Go with a break higher for a test of January highs & short term trend line resistance at 1279.
USDJPY made it as far as 102.40/50 & topped at 102.64. Overbought short term so some light profit taking is possible today to immediate support at 102.20. If we continue lower look for 101.93, possibly 101.75/70 for a buying opportunity here.
Immediate resistance at 102.55/60 could hold a move higher again today. However be ready to go with a break above 102.70 for a move towards 102.90/95 possibly 103.05/10, with a high for the day likely here.
EURUSD hit the 1.3640 target & saw a high for the day as predicted. Again today we can exit longs & try shorts here with stops above 1.3665. Go with a break higher for a test of the next resistance at 1.3680/85 & possibly as far as 1.3730/40 for a selling opportunity this week.
Immediate support is 1.3610/05 but below here we should see a low for the day at 1.3580/75.
GBPUSD beat 1.6345/50 as expected & hit our target of 1.6400/10 today. We topped almost exactly here at 1.6418 but above 1.6430 today keeps bulls in control for 1.6455/60. If we continue higher look for a selling opportunity at 1.6500/10.
Below 1.6400 is less positive & risks a slide to good support at 1.6355/50 with a low for the day likely. However a break lower could target 1.6300 then a buying opportunity at 1.6270/60.
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Jason Sen began his career in the options pits on the trading floor of LIFFE in 1987 at the age of 19, making markets on his own account. In 2001 when the trading floor closed he successfully made the transition to day trading on computer screens.
Jason founded a research company which quickly established itself as the leading provider of daily technical analysis to traders within the investment bank community. He advises traders at up to 15 major investment banks and hedge funds on market movement, hour by hour on The Bloomberg Professional® service.
Round the clock coverage of Stock Indices, Energy, LME Metals, Forex & Fixed Income in Europe, US & Asia. Daily reports with with entry, exit and target levels in daily reports are available at http://www.daytradeideas.com