LONG TERM TREND: BEARISH
INTERMEDIATE TERM TREND: NEUTRAL
SHORT TERM TREND: BULLISH
VERY SHORT TERM TREND: BULLISH
The big news today is the surprise announcement by the Swiss central bank that they have ended the tie between the Swiss Franc and the Euro. This move rocked markets and saw the Swissie surge by 30% against the Euro in early trading. Maintaining the "peg" to 1.20 Euro has been getting more and more expensive for the Swiss central bank and this move is, in our view, in anticipation of further Quantitative Easing by the ECB, a move that would clearly weaken the Euro significantly.
Gold powered higher due to "safe haven" buying and on anticipation of QE from the ECB, smashing through the 1250 level and moving as high as 1261 before finding resistance as markets stabilised. This move confirmed the end of the intermediate down trend and could be the start of a powerful new rally in the beleaguered yellow metal.
Equities were initially sharply lower due to the Swiss bank announcement ,however markets soon bounced back and are now trading flat. Oil has finally found some buyers and is trading near to $50 a barrel whilst the dollar si down due to the surging strength of the Swiss Franc.
Support can be found at 1250, 1238, 1222, 1210, 1204, 1200, 1192, 1180-1183, 1175-1178, 1172, 1167, 1154, 1145-1147, 1131, 1124, 1100, 1085, 1045 and 1000. Gold has bounced back after breaking below the critical 1180 level and is now moving higher after a classic "bear trap".
Resistance can be found at 1261-1263, 1271-1273, 1290-1292, 1300-1302, 1310-1312, 1322-1325, 1333-1335 and 1345. A third failure to break the down trend line on the weekly chart confirms that the intermediate down trend is intact, however the recent trading suggests the bulls may be building a base for a rally.
Today's video for subscribers looks at the recent trading in more detail and our strategy for today's trading session.
INTERMEDIATE TERM TREND: NEUTRAL
SHORT TERM TREND: BULLISH
VERY SHORT TERM TREND: BULLISH
The big news today is the surprise announcement by the Swiss central bank that they have ended the tie between the Swiss Franc and the Euro. This move rocked markets and saw the Swissie surge by 30% against the Euro in early trading. Maintaining the "peg" to 1.20 Euro has been getting more and more expensive for the Swiss central bank and this move is, in our view, in anticipation of further Quantitative Easing by the ECB, a move that would clearly weaken the Euro significantly.
Gold powered higher due to "safe haven" buying and on anticipation of QE from the ECB, smashing through the 1250 level and moving as high as 1261 before finding resistance as markets stabilised. This move confirmed the end of the intermediate down trend and could be the start of a powerful new rally in the beleaguered yellow metal.
Equities were initially sharply lower due to the Swiss bank announcement ,however markets soon bounced back and are now trading flat. Oil has finally found some buyers and is trading near to $50 a barrel whilst the dollar si down due to the surging strength of the Swiss Franc.
Support can be found at 1250, 1238, 1222, 1210, 1204, 1200, 1192, 1180-1183, 1175-1178, 1172, 1167, 1154, 1145-1147, 1131, 1124, 1100, 1085, 1045 and 1000. Gold has bounced back after breaking below the critical 1180 level and is now moving higher after a classic "bear trap".
Resistance can be found at 1261-1263, 1271-1273, 1290-1292, 1300-1302, 1310-1312, 1322-1325, 1333-1335 and 1345. A third failure to break the down trend line on the weekly chart confirms that the intermediate down trend is intact, however the recent trading suggests the bulls may be building a base for a rally.
Today's video for subscribers looks at the recent trading in more detail and our strategy for today's trading session.