DAILY FOREX POST – EUR/USD, GBP/USD, GOLD DECEMBER 30, 2013

EUR/USD Technical view

SPOT EUR/USD Previous day OHLC

Open	High	Low	Close	Change
1.3691	1.3892	1.3685	1.3741	0.0050

Today's Support and Resistance

Resistance
Support
R3	1.4000
R2	1.3840
R1	1.3810
S1	1.3720
S2	1.3680
S3	1.3550

EURO ended the session on Friday with gains of 0.36%, versus the greenback, inching higher to close the second successive session with gains. The pair briefly spiked close to 1.3900, before pulling back to close near crucial resistances at 1.3800- 1.3850, close above which the gains should extend to 1.4000. Near term supports placed at 1.3680- 1.3720. The medium to long term trend however, remains bullish for targets of 1.4200; targets for the symmetrical triangle in an uptrend. For the next few sessions, the pair could remain in the 1.3700- 1.3850 range

TREND DIRECTION

• Short term: Bearish
• Medium term: Bullish
• Long term: Bullish

TRADING RECOMMENDATIONS

• Short:

  • N/A

• Long:

• At.1.3660 with a stop at 1.3630 for a profit target of 1.3800
• At.1.3550 with a stop at 1.3480 for a profit target of 1.3800

GBP/USD Technical view

SPOT GBP/USD Previous day OHLC

Open	High	Low	Close	Change
1.6410	1.6577	1.6403	1.6478	0.0069

Today's Support and Resistance

Resistance
Support
R3	1.6750
R2	1.6700
R1	1.6600
S1	1.6470
S2	1.6400
S3	1.6350

Sterling ended the session on Friday with gains of 0.42%, versus the greenback, inching higher to end the second successive week with gains. The pair spiked to graze near term resistances at 1.6600, before pulling back sharply. Close above and the gains could have extended to 1.6700- 1.6750; top end of the near term bullish channel and targets for the symmetrical triangle in an uptrend. For the next few sessions, the pair could remain in the 1.6400- 1.6600 range

TREND DIRECTION

• Short term: Bearish
• Medium term: Bullish
• Long term: Bullish

TRADING RECOMMENDATIONS

• Short:

  • N/A

• Long:

• At 1.6400 with a stop at 1.6330 for a profit target of 1.6575

GOLD Technical view

SPOT GOLD Previous day OHLC

Open	High	Low	Close	Change
1210.20	1218.65	1208.64	1212.81	2.51

Today's Support and Resistance

Resistance
Support
R3	1262.00
R2	1220.00
R1	1218.00
S1	1209.00
S2	1203.00
S3	1172.00

Spot gold ended the session on Friday with gains of 0.20%, inching higher to end the week with small gains. Near term, the precious metal could face stiff resistance at 1218.00- 1220.00; top end of the near term bearish channel. ONLY a close above, the near term trend would turn bullish and spot gold could rally to hit targets of 1260.00- 1265.00. Crucial near term supports placed at 1170.00- 1175.00. The medium to long term targets remain intact at 1000.00- 1050.00 per troy ounce; targets for the symmetrical triangle in a downtrend

TREND DIRECTION

• Short term: Bearish
• Medium term: Bearish
• Long term: Bearish

TRADING RECOMMENDATIONS

• Short:

  • At 1220.00 with a stop at 1228.00 for a target of 1200.00

• Long:

  • At 1230.00 with a stop at 1215.00 for a target of 1260.00