GOLD: The commodity turned off its intra-day low at 1,338 level to close higher on Monday but continues to maintain its broader downside bias. This suggests on ending the mentioned recovery it should retarget the 1,338/21 levels. Below here if seen will aim at the 1,300.00 level and possibly lower. On the upside, GOLD will have to return above the 1,488.00 level to end its broader downside and then resume its recovery. Further out,  resistance is seen at the 1,590.40 level followed by the…

USDCHF – With further bullish offensive seen the past week, USDCHF looks to extend its strength in the new week.  This development leaves the pair aiming at further strength towards the 0.9600 level. Further out, resistance resides at the 0.9800 level, its psycho level where a violation will aim at the 0.9850 level. Further out, resistance resides at the 0.9900 level with a turn above here exposing the 0.9970 level. Its weekly RSI is bullish and pointing higher suggesting further upside. On…

GOLD: Unless the commodity returns above the 1,488.00 level, there is risk of further downside in the days ahead. On the downside, support comes in at the 1,403.66 level where a breach will target the 1,385.00 level. A violation will aim at the 1,350 level and then the 1,321.79 level. On the upside, GOLD will have to return above the 1,488.00 level to resume its recovery. Further out, resistance is seen at the 1,590.40 level followed by the 1,619 level. All in all, GOLD remains on corrective…

EURUSD: Although EUR turned back lower the past week after failing to follow through on the back of its previous week gains, it remains trapped in a consolidation range (watch out for a head and shoulders formation on the daily chart). A reversal of its past week decline could occur if it fails to follow through on its current bearishness. This will open up further upside risk towards the 1.3242 level in the new week. Further out, resistance resides at the 1.3300 level where a break…