Forex Trade Alert and Gold Commentary

Monday, December 01, 2008.

Before I get started with the forex markets, I wanted to take a brief moment to direct your attention to a headline on Yahoo Finance. “FDA sets melamine standard for baby formula”.

That’s right. A certain “amount” of something toxic is “ok” they say. Well, they are wrong. The reason for this, is so that China can keep exporting to America, and the Fed can print dollars to make up for the difference in the trade deficit. Also, China can buy Us T-Bills in order to pay for it all, and the Us can then pay them interest on the T-Bills. Of course, we’re smarter than that.

http://biz.yahoo.com/ap/081129/infant_formula.html

Gold and Dollar

Gold is back. With another Fed bailout looming, there seems to be no end to it. As money supply expands, money becomes worth less. In fact, money is becoming worth less all over the world. So, gold may just be making a comeback here. We avoided gold for several months and rightfully so. I never just “hang on” because of “fundamentals”. Because often fundamentals become “funny-mentals”. Thinking of a Christmas present? Why not the Olympic Gold Coins? https://online.kitco.com/bullion/

$775.00 is the lowest I would pay for gold. If it goes lower than that, the chart changes, and it becomes too risky a trade. If strength holds, above $775.00, then I would be a buyer.

Lots of Trading Forex Opportunities Coming Up.

Overall, I’d expect some good trading opportunities here. Who knows when the next big market fall could be. Perhaps in March, as it historically has been over several of the past years.

For now, I am looking forward to many exciting forex trading opportunities.

Maybe US DOLLAR Run will come to the end soon, because usually GOLD and U.S DOLLAR

DON’T RUN IN SYNC.

Good Trading,

4XGENIE

Tags: currency market, currency conversions, currency conversion rate, foreign currency conversion, old currency, foreign exchange students, foreign exchange rates

FOREX CURRENCY EUR/USD and GOLD OUTLOOK.

GOLD AND EURO STILL MOVING IN SYNK.

FOREX CURRENCY PAIR EUR/USD.

The euro EUR/USD brok support at $1.53, signaling the start of a primary down-trend. Bearish divergence on Relative Strengh Index (RSI) and breakout from the rising trend channel both confirm the signal. Expect support at $1.50 and a retracement to test the new resistance level.

SPOT GOLD

Spot gold fell in sympathy, testing support at $850/ounce. The risk of a primary down-trend is now high.

FOREX GENIE

FOREX CURRENCY EUR/USD and GOLD OUTLOOK

GOLD AND EURO HAVE MOVED IN SYNK.

SPOT GOLD

Spot gold is likely to respect support at $850. Upward breakout from the bullish falling wedge pattern would test resistance at $950 — and possibly $1000. In the longer term, breakout below $850 would signal a primary down-trend but, considering the weakness of the dollar and the strength of oil, this remains unlikely.

FOREX CURRENCY PAIR EUR/USD.

The euro successfully tested primary support at $1.53, but the pattern remains bearish unless there is a breakout above $1.5850. A rally that fails to reach the resistance level would strengthen the bear signal. In the longer term, failure of support at $1.53 would test the rising trendline at $1.43, while breakout above $1.60 would offer a target of $1.67. Further consolidation between $1.60 and $1.53, however, remains the most likely option.

MOUNTHLY PIVOT POINTS.

The [R3] or the most extreme high trading range is 1.5692.

The [R2] or the extreme high trading range is 1.5639.

The [R1] or the high trading range is 1.5572.

The [P] or pivot point is 1.5519.

The [S1] or the low trading range is 1.5452.

The [S2] or the extreme low trading range is 1.5399.

The [S3] or the most extreme low trading range is 1.5332.

Current Day Trading Session:

New momentum to the upside has just started.

Next Day Trading Session:

If the next day’s close is below 1.53627 then that could be a sign that the current upward momentum is reversing.

4xGenie is not currently in a trade, we looking to enter long position soon!

FOREX GENIE.

GOLD AND EUR/USD OUTLOOK

GOLD AND EURO HAVE MOVED IN SYNK. FAILURE OF GOLD SUPPORT AT $860 WOULD

SIGNAL DOLLAR STRENGHT AGAINST THE EURO AND OTHER CURRENCIES.

SPOT GOLD PENETRATED SUPPORT AT $900 AND $860 AND IS HEDET FOR A TEST OF PRIMARY SUPPORT AT $770.

RECOVERY ABOVE THE RECENT HIGH AT $950 WOULD COMPLATE A DOUBLE BOTTOM,

REVERSAL WITH A TARGET OF $1020.

THE EURO CAUGHT MANY BULLS OFF-GUARD, WITH A SECOND FAILD BREAK ABOVE $1.59 FOLLOW BY REVERSAL

TO TEST SUPPORT AT $1.55. FAILURE OF SUPPORT WOULD SIGNAL AT TEST OF $1.50.

REVERSAL ABOVE $1.60, WHIILE OFFER A TARGET OF $1.65.

FOREX TRADE ALERT FOR EURO.

4xGenie Action: ==> Remain out of this market, for now! Today’s candlestick has broken out of the yellow shaded area of the chart and below the lower pivot band. This is very bearish! A divergence in the MACD indicator has been found.