EU GBP Gold and Oil Forecast 21 May 2013





EUR/USD



Buy AT:1.2893

Stop Loss:1.2857



Tp1:1.2898

Tp2:1.2909

Tp3:1.2932

Follow Till:1.2984



Sell AT:1.2857

Stop Loss:1.2893



Tp1:1.2852

Tp2:1.2841

Tp3:1.2818

Follow Till:1.2766



GBP/USD



Buy AT:1.5262

Stop Loss:1.5220



Tp1:1.5267

Tp2:1.5276

Tp3:1.5301

Follow Till:1.5358





Buy AT:1.5262

Stop…

Oil made a nice pull-back from 85.60 in the past few days, which we still think it represents part of a black wave 4. Notice that oil moved slightly above wave (a) swing high before price turned bearish in the last two hours. Thats very typical formation in expanded flats, so we like idea of a completed black wave 4 and wave 5 headed beneath 85. However, we need more aggressive sell-off and daily close below 87.45 to confirm the bearish view for this market.

Oil…

I ran across this today and thought it was interesting.  The World Bank is forecasting a softening in both gold and oil prices over the next ten years. If gold does decline it "might" mean a stronger dollar.   The negative correlation between the two doesn't always hold true but it's something to consider when looking at the bigger picture.

So what might drive gold lower?  The first guess would be inflation and an increase in interest rates.  Rates here in the US have been low for a…

Crude was not able to surpass $98.30.

Almost 2 weeks ago, (Feb. 13th update) I´ve apporached crude with an important upward bias.

Although somewhat overextended (again, algos have provided sell signals in shorter term intervals) and working with the idea of crude establishing new highs. First target is $98.30 (early Feb. highs), fowllowed by a much broader a complex…

Oil firstly extended lower at the end of the past week in wave C as highlighted in our past updates. Well, we anticipated a five wave decline from 98.00 but because of an overlap with 96.57 market actually completed a three waves (a)-(b)-(c) down to 95.11. This is a structure of a corrective movement so we think that whole price action from Jan 30 is actually an incomplete triangle in wave 4), especially if we consider that market did not move through previous wave A swing level. If we are…

Oil fell down to $95 this week before turned bullish again. However, we think that latest  bullish reversal is only temporary, as we are tracking an incomplete corrective decline in wave 4) that should be structured by three legs. We labeled a leading diagonal in wave A followed by a current wave B bounce towards 97.30/50 from where price could turn bearish for wave C. …

Little time for written update -which will come later.

In the meantime, a picture speaks a thousand words.

Longer Term (Perspective)

Shorter Term…

EUR

EURUSD is flirting on weekly trendline with strong bearish pin bar on daily chart. However, Euro futures still has bullish optimism left. Volume & open interests are still high, but MFI indicates over bought. QE-3 is from Fed is still in the game along with unlimited bond buying from ECB. But crossing…

Crude oil demand has declined over 11% since March 2012, price falling from 111.39 down to 80.88. Lower energy demand from the biggest Oil consumer United States and  higher technology demand in the market said to be the reason for this slump.

Regardless of the Fundamental phenomenon, Crude Oil seems to be…

Bias: Neutral

My Blog:…

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