USD is showing muscles these days, and all currencies including gold run from it like mice from a cat. Like i've said yesterday EUR needs a corrective move higher - it didn't happen yesterday so today will be the correction day. We need a confirmation for example H4 close above 1.2805-10 will be enough. First resistance is 1.2840-50, second and stronger is 1.2880-1.2900. That last will bounce and the prices will return to 1.2820, from where there will be two possibilities - first to attack 1.2900 again then 1.3030 and above, and the second will be another fall below 1.2800 with targer 1.27 - 1.26  and below. Currently EUR consolidates just below 1.2800 and indicators show bears are already tired and need a break.

GOLD has stopped the free fall, though is made another low @ 1672 yesterday, still vulnerable to more drops, but i'll repeat it today also i think 1650-60 will cap any drops and a new move higher will start soon.

Today there are presidential elections in USA but the eyes of most investors will look at the PMI data from the eurozone, if data is equal or better than forecasted that will help EUR a lot to recover from 2 days of heavy losses. If it is worse than forecasted look for a test of 1.2850 and fail there then fall will continue to 1.2700.

For today:

LONG EUR above 1.2780 SL 1.2760 TP 1.2850-1.2880

SHORT EUR below 1.2890 SL 1.2920 TP 1.2820-1.2800 and below

if break higher of 1.2850 fails SHORT EUR below 1.2800 SL 1.2825 TP 1.2700 and below

if 1.2740 is broken to the downside may enter SHORT around 1.2740 SL 1.2770 TP below 1.2700

Choppy trade possible around 1.2850 and 1.2880. I do not see break of 1.2900 for today for now, but it's just a beginning of the day, if it happens check for more updates.

SHORT GOLD around 1795 SL 1701 TP 1680-82

may try also LONG @ 1680 SL 1675 TP 1694 but there is a high risk here

Thank you all for LIKEs and support, i'll continue to share my forecsts trying to be precise as possible, remember there always can be unexpected news releases which may destroy my forecst so please place stops around 30-40 pips from your entry point. I'm giving you just the best entry points you may enter where you like, but remember not every entry point is good, if your stops are hit frequently maybe the problem is that you enter in the wrong moment. Try to enter as near as possible to forecasted values i hope the results will be better.

Good luck!

Views: 1146

Comment by dev on November 6, 2012 at 6:09pm

today your Gold forecast was not good enough...

Comment by Stephano on November 6, 2012 at 6:49pm
It was huge gap on GOLD today, $25.00 spread, obliterate all the fools, shorters and longers who jumped in, now they gone to the pit of doom!
Comment by gladwin dsouza on November 7, 2012 at 1:37am

sorry to say dat 11.06.2012, ur recommendation of Euro usd stop loss got hit on both the ways

but i  happy that u r very confidence in ur analysis and u post on fxstreet.com. Keep posting

 

 

Comment by Vladimir Mihaylov on November 7, 2012 at 4:41am

Dear Dev, the short GOLD forecast was wrong that's right but there was a 6 USD SL, alternative forecast was LONG seems that you have cosen short one. Ahead of elections results of the new president GOLD has become suddenly attractive, as it will continue to be today too.

Comment by Vladimir Mihaylov on November 7, 2012 at 4:47am

Dear Gladwin, Stop loss on EUR LONG yesterday was not hit as it was  1.2760 and yesterday's low was 1.2763, but it depends on your broker. But you have to know that my forecasted values is only for information purposes and have to guide you for your own analysys, there is noone in the world who can say exactly the price at which the eur will bounce. Read analysys carefull to chatch the general mood of the market and remember that i may also be wrong :)

Comment by gladwin dsouza on November 7, 2012 at 5:15am

but today the market was just the nearest of your TP 1.2880 any way congrats for your great analysis

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