FROM: PETER CRUZ DATE: 1st July, 2014 – Tues. Market Brief Spot gold hits a three-month high of $1,332.10/oz. Tuesday—its strongest since March 24—on soft USD sentiment and continued worries about Iraq. Dow Jones technical analysis shows gold’s outlook is positive as the five- and 15-day moving averages are advancing. The daily MACD and slow stochastic indicators are also bullish but the latter is in overbought territory. Near-term resistance is seen at $1,334.02—the 61.8% Fibonacci retracement of the $1,391.76-$1,240.61 March 17-June 3 decline; and then at $1,342.43—the March 21 minor reaction high. Spot gold is at $1,327.20/oz. at this moment. On the data slate there’s German Unemployment Rate; German Manufacturing PMI; Euro-Zone PMI; US Manufacturing PMI; US ISM Manufacturing and US IBD/TIPP Economic Optimism. BUY EUR @ 1.3680 OR BETTER - STOP @ 1.3610 – TARGET @ 1.3775 BUY GBP @ 1.7100 OR BETTER – STOP @1.7045 - TARGET @ 1.7190 SELL USD/JPY @ 101.50 OR BETTER – STOP @ 102.20 – TARGET @ 100.65 – no change BUY CL0815 @ 105.50 OR BETTER – STOP @ 105.10 - TARGET @ 107.50 – no change BUY XAU @ 1327 OR BETTER – STOP @ 1320 - TARGET @ 1340 BUY XAG @ 21.05 OR BETTER – STOP @ 20.65 – TARGET @ 21.95 GOOD LUCK AND HAPPY TRADING PLS. NOTE: 1. ALWAYS REMEMBER TO PUT STOPS WHENEVER YOU TRADE, MARKETS ARE VERY VOLATILE. 2. THE ABOVE BRIEF IS MY PERSONAL OPINION AND DOES NOT CONSTITUTE ANY PROMISES OR GUARANTEES OF PROFITS. TRADING IN CURRENCIES AND COMMODITIES ARE HIGH RISKS AND IT IS NOT FOR EVERYONE.
Posted on: Tue, 01 Jul 2014 03:49:41 +0000