Gold at New Record While Most Currencies Are Looking for Directions

Article originally published on innerfx.com and republished here with permission

Quote of the day:“Mistakes are the portals of discovery.” ~ James Joyce 

Good morning. Most charts are little change from yesterday, with EURUSD staying in the range of 1.4350-1.4430. Selling on rallies towards 1.4450 has been one of the best things to do lately and right now there’s no clue that we’re going to see a break out of this range in the next trading sessions. Meanwhile, metals are drawing the most attention as Gold is over $1900 and Silver continues to push to the upside – now above former resistance at 43 (61.8% of 49.75 to 32.30). The German Zew and New Home Sales are today’s notable events in the FX Calendar.

Here are today’s charts of interest – maybe they look a bit blurred but you can click on them to enlarge

EURUSD

still into a narrow range but it will probably exit soon; preferably to the downside, as there’s more difficult to advance far North

Euro Vs US Dollar 4hrs Chart 8-23-2011Euro Vs US Dollar 4hrs Chart 8-23-2011

 Silver

Silver Daily Chart 8-23-2011Silver Daily Chart 8-23-2011

Gold

Some people are still waiting for a large correction in order to jump in – buying at better levels. Well, judging by how it looks – there are no “better levels” but rather “any levels”. Corrections are just too small… maybe the $2000 handle is where to look for the next leg down

Gold Daily Chart 8-23-2011Gold Daily Chart 8-23-2011

GBPUSD

Support around 1.6450 is intact but pressure is high, so it’s best to keep an eye on it and be ready to sell the pound, following it on the way lower.

Pound Vs US Dollar 4hrs Chart 8-23-2011Pound Vs US Dollar 4hrs Chart 8-23-2011

The daily chart is more suggestive of current bearishness

Pound Vs US Dollar Daily Chart 8-23-2011Pound Vs US Dollar Daily Chart 8-23-2011

AUDUSD

Gains are still limited due to the tight correlation between AUDUSD and major stock indices – while stocks’ recovery is very modest, AUDUSD is trapped into a narrow range around this pivotal level – former support at 1.0450-1.0500. Anyway, I remain bullish on AUDUSD and I think that it’s worth buying at these levels, as price is likely to return and stabilize above 1.0450-1.0500.

Australian Dollar VS US Dollar Daily Chart 8-23-2011Australian Dollar VS US Dollar Daily Chart 8-23-2011

USDCHF

US Dollar Vs Swiss Franc 4hrs Chart 8-23-2011US Dollar Vs Swiss Franc 4hrs Chart 8-23-2011

Advertisements

About abwehra group

The Art&Science of Trading Gold
This entry was posted in Uncategorized. Bookmark the permalink.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s