Daily Market Analysis – Gold’s Massive Move to Major Support and Its Subsequent Rebound

03/28/2013

We’ll need to wait and see the extent of Gold’s upward rebound. US Fed Chairman Bernanke will be speaking this evening at 19:15 EST. His words have the most influence over the value of the US dollar than any other person.  For those interested in a more in depth analysis, we at CM trading are here to assist those who are interested in profiting from the financial markets. Below are the charts and the day’s economic events to better understand the current short term trends in some of the different markets.

 

EURUSD 

The pair has broken out of its base to its current 1.3019 level. It reached 1.3039 yesterday and the low was reached just the day before at 1.2745. Price levels to watch on the downside are 1.2965 and 1.2875. If the pair breaks higher, 1.3020 is the first target followed by 1.3040. 

Resistance	R1: 1.3020	R2: 1.3040	R3: 1.3106
Support	S1: 1.2965	S2: 1.2900	S3: 1.2875

EURJPY

It’s previous high was reached near 2 months ago on February 6^th at 127.70. It’s currently trading at new highs for the year at 128.37. Price levels to watch on the upside are 129.40 and 130.00

Resistance	R1: 128.40	R2: 129.40	R3: 130.00
Support	S1: 127.70	S2: 127.35	S3: 126.15

NZDUSD

The pair has risen from 0.8161 on March 13 to its current level of 0.8443. Targets on the upside are 0.8465 followed by 0.8485. On the downside, targets are 0.8420 and 0.8397.

Resistance	R1: 0.8465	R2: 0.8485	R3: 0.8510
Support	S1: 0.8420	S2: 0.8397	S3: 0.8355

 

Gold

From its high of $1920 in September 2011, the precious metal has fallen nearly 18% to its current level of $1577.85. Is this a buying opportunity or is there a reason it’s going lower?   If gold heads lower, price levels to watch are $1563.25 and $1555.00.

Resistance	R1: 1583.05	R2: 1589.51	R3: 1598.90
Support	S1: 1563.25	S2: 1555.00	S3: 1547.79

 

Daily Calendar for Monday, April 8^th 2013   

Time	Currency	Event	Actual	Forecast	Previous
19:15	USD	Fed Chairman Bernanke

Successful Trading!

Jacob Fendrich
Senior Market Analyst

http://www.CMTrading.com 

        

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