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Trading Analysis 7th June 2012

ACM Gold and Forex Trading (PTY) Ltd

TECHNICAL's IN FOCUS

Gold:
Resistance Levels:
$ 1646.3 - $ 1658.3 - $ 1674.3

Support Levels:
$ 1618.3 - $ 1602.3 - $ 1590.3

Strategy:
Sell on Strength

Short below 1632, target 1617 and 1609, put stop loss at 1643. A strong support level is 1613, if it breaks, market may go down to 1597.

Word of caution: put stop loss and take profits as Bernanke Testifies.

Unemployment Claims @1730(GMT+5)hours.

Fed Chairman Bernanke Testifies @1900(GMT+5)hours.

Silver:
Resistance Levels:
$ 30.09 - $ 30.70 - $ 31.55

Support Levels:
$ 28.64 - $ 27.79 - $ 27.18

Strategy:
Neutral

A good level to long is 28.90, target 29.58 and 29.90. A strong support level is 28.70, if it breaks, market may go down.

Crude Oil:
Resistance Levels:
$ 86.18 - $ 87.35 - $ 88.42

Support Levels:
$ 83.94 - $ 82.87 - $ 81.70

Strategy:
Sell on Strength

Short below 85.41, target 83.31. Upside penetration of 85.41 may call for 86.11.

CURRENCIES:

EURUSD :
Resistance Levels:
$ 1.2631 - $ 1.2680 - $ 1.2776

Support Levels:
$ 1.2486 - $ 1.2390 - $ 1.2341

Strategy:
Neutral

GBPUSD :
Resistance Levels:

$ 1.5549 - $ 1.5603 - $ 1.5692

Support Levels:

$ 1.5406 - $ 1.5317 - $ 1.5263

Strategy:
Neutral

Halifax HPI @1200(GTMT+5)hours.

Services PMI @1330(GMT+5)hours.

Asset Purchase Facility @1600(GMT+5)hours.

Official Bank Rate @1600(GMT+5)hours

MPC Rate Statement Later Today

AUDUSD :
Resistance Levels:
$ 0.9993 - $ 1.0060 - $ 1.0188

Support Levels:
$ 0.9798 - $ 0.9670 - $ 0.9603

Strategy:
Neutral

Source: https://www.acmgold.com/news-analysis
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