CHART OF THE WEEK

See Chart: GBP/USD H4

GOLD UPDATE

GOLD once again looks bullish after a pull back.

1226.64 can be considered a strong support (already retested).
First target is around 1290-96.

I consider this move another entry point for a short to medium term bull move by keeping 1226.42 as a support level.

WEEK June 6 - 11

Over all market sentiment is bearish.
DJ and S&P are at crucial levels.

I will take a slow start this week and see how things turn out by middle of the week. We have very busy calender for the week.


EUR/USD:

Broke a very important psychological level of 1.2
I am still bearish on the pair but with caution.

1.16 - 1.14 is the fair value price for the EUR under the current circumstances.

1.2143/47 is the resistance level I am watching.


WEEK OPEN 1.1927 above that short term bulls will take profits and below that bears might push the pair further.



GBP/USD

1.4768 level has been tested on the weekly chart.
Pair over all is looking to make lower lows.

Note: Pound is always a good buy on the big dips.

Dollar Index

The index broke a key resistance level on the weekly chart 87.45.
Now targeting 89.63.




Have a great week of trading.

Trading Uptill Today

Have been very busy with a management work. Been trading on the daily chart and maintaining my consistency.

Equity generated in last 2 weeks. 12%

Win to Loss ratio: 84%

P.S: Hoping to get back in to the day trading by end of this month..till then position trading.

CHART of the WEEK will be posted on Sunday.