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AUD/USD Push Up - December 17th, 2012
GBP/USD is Very Bullish - December 17th, 2012
The GBP/USD pair had a strong showing on Friday as we raced towards the 1.6175 area. This area has been resistance before, but it appears that we are now ready to start breaking out of it. If we can get above the level, we think that a move to 1.63 is all but counted in. A break above the 1.63 level has this pair moving much higher, possibly as high as 1.70 sometime next year.
We are very bullish of this pair, and have been for some time. We have no plans of selling, as we see far too many areas that could provide support. However, a pullback to the 1.610 level would have us buying at the very first signs of support.
We are very bullish of this pair, and have been for some time. We have no plans of selling, as we see far too many areas that could provide support. However, a pullback to the 1.610 level would have us buying at the very first signs of support.
GOLD at Support Area - December 17, 2012
Gold markets did very little during the session on Friday as we continue to tread water around the $7000 level. Just below, we see quite a bit of significant support all the way down to the $1680 level, and as such we would be looking for some type of supportive candle like a hammer or a green one to start buying this market presently.
A long-term trend is far too bullish for us to start selling, and as you know by now we hold physical and ETF forms of gold also. Because of this, we are never actually “short” the market, and will only buy these futures contracts on signs of support or strength. We presently believe that we are in an area that could very well provide a supportive candle, and are simply waiting to see that in order to start buying.
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