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Capital Trust Markets Daily Market Commentary
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[QUOTE="CapitalTrustMarkets, post: 61844, member: 30235"] [b]Technical Updates for April 23, 2014[/b] [B]EURAUD[/B] [IMG]http://s30.postimg.org/9fk27hwkx/euraud23042014.jpg[/IMG] Technical outlook and chart setups: 1.The EURAUD remains unchanged for now. The counter trend rally could gather pace and move higher towards 1.52 levels as seen here. An engulfing bullish candle appearance earlier confirms the same. Please also note that the 1.51/1.52 handle is past support turned resistance now, and rallies through 1.51 should be taken as opportunity to go short again. The 1.41 handle remains minimum expectations for now. A push below 1.4660 would be extremely bearish for now. 2.No change. Immediate support is at 1.44, followed by 1.43 and lower, while resistance is at 1.51/1.52 (intermediary), followed by 1.55 and 1.58 respectively. 3.The structure reveals that a counter trend rally could be shaping up at the moment towards 1.51/1.52 handle, which is support turned resistance now. More conservative approach would be to initiate fresh short positions from higher levels. Trading recommendations: Remain flat for now. Looking to sell again around 1.51/1.52 [B]Crude[/B] [IMG]http://s30.postimg.org/7hde9i435/crude23042014.jpg[/IMG] Technical outlook and chart setups: 1. Crude reverses sharply after testing the 105.00 levels as seen here. This could be a larger reversal towards the 96.50 levels or at least in to 101.00 as shown here. A bullish bounce at intermediary support line should be bought again. Keeping the larger view in mind, the upside potential remains at 110.00 levels, till prices stay above 94.00. 2.No change. Immediate support is at sub 97.00 and 96.00/50 levels (Fibonacci 0.618 support), followed by 94.00/30 and 92.00, while resistance is at 105.25 (intermediary), and followed by 108.00 and 110.00 respectively. 3. No change. The structure remains in favour of bulls at the moment after bouncing off the 99.00 levels and reveals that they shall remain in control till prices stay above 99.00 levels in the near term and subsequently above 94.00 levels in the medium term. A corrective fall remains possible from current levels towards 96.50, though. Trading recommendations: Remain short for now; stop at 105.50, target is open [B]Gold[/B] [IMG]http://s30.postimg.org/8sl5hyzox/xauusd23042014.jpg[/IMG] Technical outlook and chart setups: 1.Gold tests $1,277.00 yesterday before pulling back. The yellow metal still seems to be poised to stage a rally into the $1,350.00/60.00 levels. Buying on dips should be the trading strategy till prices remain above $1,277.00. On the flip side, if $1,277.00 is broken down, the next possible support is lower towards $1,230.00/40.00. 2.Immediate support is at $1,230.00/40.00, followed by $1,210.00 and lower, while resistance is at $1,350.00/60.00 region, followed by $1,388.00 respectively. 3.No change. The structure still reveals that Gold rally should extend at least till the $1,350.00 levels if not further. Bottom line is that $1,277.00 should hold for now. Trading recommendations: Hold long positions, stop at $1,275.00, target is open. [B]Silver[/B] [IMG]http://s30.postimg.org/8ii8cdagh/xagusd23042014.jpg[/IMG] Technical outlook and chart setups: 1.Silver re-tests $19.20/30 levels yesterday before pulling back. Furthermore, a doji has been again produced indicating a potential reversal. Only a break of $19.00 levels would confirm further bearish setup. Further note that the trend line is providing resistance at the moment, so prices need to push above at least $20.00/40 to trade in the buy zone again. 2.Immediate support remains at $19.00, followed by $18.75 and lower, while resistance is at $21.70/80(intermediary), followed by $22.10(intermediary) and $23.00 respectively. 3. The structure reveals that bulls shall remain in control till prices remain above $19.00 levels from here on. High probability from current levels is for a rally though. Trading recommendations: Hold long positions for now, stop at $18.90, target is open. Prepared by Harsh Japee, Technical Analyst at Capital Trust Markets [/QUOTE]
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