EUR/USD & GOLD forecast 07.01.2013

EUR has dropped 40 pips this morning in early Asia reaching again the support line @ 1.3030 and seems to continue its further fall in the beginnning on this week. First important support is 1.2970-80 if broken we are going to 1.2900 where is the second important support. The final support is 1.2780 but that won't be reached today. Below the last EUR will enter in a free fall mode and will reach 1.2600.

GOLD has made a huge drop and a huge recovery, which means that everybody used the drop to enter LONG at a better price. Still indicators on Daily are negative and GOLD may drop once again to test the bottom Enter LONG only above 1670 and use 'hit and run'. Below 1648 GOLD may test the bottom and drop even further.

For today:

SHORT EUR below 1.3045 SL 1.3070 TP 1.2980-1.2950-1.2905

LONG EUR on a H4 close above 1.3065 SL 1.3045 TP 1.3130-45 ( SL may be even smaller, be careful)

SHORT GOLD below 1648 SL 1652 TP 1360 and below

LONG above 1670 SL 1664 TP 1685 and above

Good luck!

Tags: EUR, GOLD, USD

7 members like this

Comment by colinwbarnes on January 7, 2013 at 8:26am: Hi there..thanks ...there is a positive pin bar reversal on the daily too..which is a positive indicator

Comment by Vladimir Mihaylov on January 7, 2013 at 9:53am: positive bar? where did you see that? gold or eur?

Comment by colinwbarnes on January 7, 2013 at 10:09am: Gold friday candle with an open of 1650...a low of 1625 and a close of 1655

Comment by Vladimir Mihaylov on January 7, 2013 at 11:48am: i think Friday's GOLD open is 1660, but this doesn't matter, the outlook for GOLD is still negative