Gold, Silver And Forex Pairs: EUR/CAD, EUR/USD And USD/CAD In Eyes Of Jason Sen
Aa
Share
Gold collapsed from resistance at 1811/15 targeting 1802/00, 1786/83, 1763/60, 1755/53 & 1745. We fell as far as 1732. Further losses are expected targeting 1720, 1700 & 1690/85.
Again gains are likely to be limited in the bear trend with minor resistance at yesterday's high of 1748/50 & strong resistance at 1765/70. Shorts need stops above 1775.
Silver broke key support at 2050/45 for an important sell signal with steep losses as predicted to 2000, 1950/45, 1900 & almost as far as 1880/60 as we become oversold. This is key support for today. A weekly close below 1850 is the next sell signal.
Holding key support at 1880/60 (try longs if you feel brave in the bear trend) targets 1935/40, perhaps as far as 1960/65 for profit taking.
EUR/CAD
EURCAD broke support at 1.3395/85 for a sell signal & bounced to 1.3390 on Wednesday giving us a perfect chance to enter shorts (if you had not already) before we reached 1.3175 yesterday.
An easy 200 pip profit so far, but outlook remains negative.
EUR/USD
EURUSD crashed through the triple bottom for a sell signal this week & fell another 200 pips to my targets of 1.0200 & 1.0170/60, perhaps as far as 1.0120/10 today. On further losses look for 1.070/60 & 1.0030/20.
Gains are likely to be limited with minor resistance at 1.0240/60 & strong resistance at 1.0330/50.
USD/CAD
USDCAD first support at 1.2960/50. Longs need stops below 1.2920. A break lower is a sell signal targeting 1.2880/60 then 1.2830/20.
1 year trend line resistance at the June high of 1.3060/80. Shorts need stops above 1.3100. A BREAK HIGHER IS AN IMPORTANT BUY SIGNAL. A 200 pip plus move could follow.
