Wednesday, 31 October 2012

EURUSD and GOLD short term opportunities

 As mentioned yesterday at 1,2940, a triple bottom formation in this pair together with a break of the downward sloping trend channel would imply a bullish move were to be expected. Next resistance at 1,3010 area for EURUSD  a target that will most probably be hit today. Bulls don't want to see a pullback in EURUSD below 1,2930. A break above this resistance and a close above it for at least an hour will open the road for a move towards 1,3050.

Gold on the other hand has not made a break out yet. We expect prices to break above 1720 and give 10+ dollars higher. Our first target is 1730$ without canceling the possibility of higher prices.

I hope this short term update helps you with trading. Have a nice day and thank you for taking the time to read my thoughts!

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