Karachi (Newsman): The insights on short and long position opportunities regarding gold trading is as follow.
Gold Intraday: 2627.00 in sight
Pivot: 2672.00
Our preference: short positions below 2672.00 with targets at 2627.00 & 2617.00 in extension.
Alternative scenario: above 2672.00 look for further upside with 2688.00 & 2698.00 as targets.
Comment: the RSI shows downside momentum.
Market Insights: Silver Under Pressure with Key Pivot Level
Silver Intraday: under pressure
Pivot: 30.95
Our preference:
Short positions below 30.95 with targets at 30.40 & 30.10 in extension.
Alternative scenario:
Above 30.95 look for further upside with 31.15 & 31.35 as targets.
Comment: The RSI shows downside momentum.
Market Insights: Potential Upside for Crude Oil Above 69.15
Crude Oil Intraday: choppy
Pivot: 69.15
Our preference: short positions below 69.15 with targets at 67.85 & 67.15 in extension.
Also read: Oil Prices Dip Amid Oversupply Concerns and Stronger Dollar
Alternative scenario: above 69.15 look for further upside with 69.85 & 70.45 as targets.
Comment: Remark: a bearish bias is blended with the RSI.
Intraday Brent Oil Forecast: Choppy Action Below 72.70 Resistance
Brent (OIL) Intraday: range
Pivot: 72.70
Our preference: short positions below 72.70 with targets at 71.65 & 71.00 in extension.
Alternative scenario: target 73.15 and 73.80 for additional upside above 72.70.
Comment: as long as 72.70 is resistance, look for choppy price action with a bearish bias.
Intraday Strategy for EUR/USD: Focusing on Downward Movement
EUR/USD Intraday: the downside prevails
Pivot: 1.0550
Our preference: short positions below 1.0550 with targets at 1.0505 & 1.0485 in extension.
Alternate scenario: aim 1.0565 and 1.0580 for additional gains above 1.0550.
Comment: the RSI calls for a new down leg.
EUR/JPY Technical Overview: Rebound and Support Levels
EUR/JPY intraday: rebound
Our pivot point is at 158.01.
Our preference: rebound.
Alternative scenario: below 158.01, expect 157.49 and 157.18.
Also read: Falling Values of Asian Currencies
Comment: the RSI is above 50. Above its signal line, the MACD is negative. For additional gains to occur, the MACD needs to rise above its zero line. Moreover, the price is trading above its 20 period moving average (158.26) but under its 50 period moving average (158.45).
GBP/USD Intraday Strategy: Shorting Below 1.2720 for Gains
GBP/USD Intraday: consolidation in place
Pivot: 1.2720
Our preferred strategy is to take short positions below 1.2720 with extension targets at 1.2670 and 1.2640.
Alternative scenario: aim 1.2745 and 1.2765 for additional gains above 1.2720.
Comment: as long as 1.2720 is resistance, look for choppy price action with a bearish bias.
GBP/JPY Intraday Review: Price Action Above Moving Averages
Intraday GBP/JPY: as long as 190.35 remains a support level, the upside wins
Our pivot point stands at 190.35.
Our preference: the upside prevails as long as 190.35 is support.
Alternative scenario: the downside breakout of 190.35 would call for 189.62 and 189.18.
Comment: the RSI is above its neutrality area at 50. The MACD is positive and above its signal line. The configuration is positive. Moreover, the price is trading above both its 20 and 50 period moving average (respectively at 190.63 and 190.65).
Intraday Trading Tips for USD/JPY: Understanding Market Dynamics
USD/JPY Intraday: further advance
Pivot: 149.85
Our preference: long positions above 149.85 with targets at 151.00 & 151.55 in extension.
Alternative scenario: below 149.85 look for further downside with 149.45 & 149.00 as targets.
Also read: Effects of Interest Rate Reduction on the Rupee’s Value
Comment: the RSI advocates for further upside.
Trading Strategy for USD/CAD: Focus on Bullish Momentum
USD/CAD Intraday: the bias remains bullish
Pivot: 1.4000
Our preference: long positions above 1.4000 with targets at 1.4055 & 1.4080 in extension.
Alternative scenario: below 1.4000 look for further downside with 1.3980 & 1.3965 as targets.
Comment: the RSI advocates for further upside.
Market Commentary: Dow Jones Trading Strategy Explained
Dow Jones (DJ) Intraday: bullish bias above 44790.00
Pivot: 44790.00
Our preference: long positions above 44790.00 with targets at 45140.00 & 45270.00 in extension.
Alternative scenario: below 44790.00 look for further downside with 44650.00 & 44530.00 as targets.
Comment: Although it is impossible to completely rule out a continuation of the consolidation, its scope should be kept to a minimum.
