Chart of the week!

GBP/USD H1

GU Current Charts

H4








H1

Chart of the Day

USD/JPY Daily Chart

GOLD 2011 General Perspective

In 2010 gold broke records and reached the price levels above 1400/ ounce (USD 1430.60).

Some may say its in the bubble and over priced and some that there is still an upside.
If there is some fundamental strength (which i believe it does) in this bullishness, gold prices then after a strong bullish cycle should consolidate. Taking a breath. This will help investors affirm that there is a fundamental strength in this commodity.
Also, there's price pressure from the supply side. Higher gold prices mean miners work overtime. The supply of mine gold around the world jumped 7% last year to 2,572 tons-the second largest increase in history.

Some of the smart money is betting that gold keeps rising. Hedge funds and other big speculative traders boosted their gold bets by 2% last week, according to data from the U.S. Commodity Futures Trading Commission.

Technical Side:

Bullish above : 1386.51 and 1226.42 Channel base around 1262.56

Bearish Below: 1313.31 and 1154.45



See Chart

Important

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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.