Week May 09 - 14

Gold is above 1191 and have retested that level on the daily chart. Also my first target on gold this year is hit 1207.

See daily chart.










USD/JPY see daily chart










GBP/USD back above a 1.4781 a Strong support level.
Resistance expected around 1.4933/40 and support 1.4781 and below that 1.4643.


EUR/USD expecting a selling pressure near 13000 if it retraces. However, the out look for this pair is very bearish. For me the fair price level for EUR is around 1.12 - 1.15/16 (Seeing the current EU debt conditions and drop in ratings of EU members). But we are far away from there.

Resistance: 1.2790, 1.2821, 1.2890 and then 1.3001

Support: 1.2603 and below that 1.2521 and then 0.0 level at 1.2327. If the pair breaks 1.2327 and hold as strong resistance on the daily or weekly chart then the nest target should be around 1.15 region.