Trade of the day: GOLD

GOLDH1

Following the sharp drop that the metal witnessed on Monday, its now looking to make a recovery with a series of visible higher lows seen from yesterdays session. Today the market opened above the days pivot price which is at 1246. Technical indicators including the RSI and the 50 hourly moving average indicates prospects for further rise in price.

Best trade recommendation would be to go long targeting 1257 and also 1259, provided conditions remain as stated. Stop loss can be placed just below the pivot price. However in the event that price moves below the pivot, then short trades can be considered with targets around 1241 and 1238.

Trade of the day: USDCHF

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The pair which has been in an upward channel opened the week above the daily chart pivot point of 0.9670. As at the time of this report, price is around the support zone of the channel and will obviously either bounce and head upwards or break the support and head further down. The RSI however is below  the neutrality point, hence giving more weight to possibility of a breakout below support.

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The Pound and the Hung Parliament

GBPUSDMonthly

From late yesterday till this morning, the British political space and the financial markets associated with the pound sterling or other English equities, have been abuzz about the results so far being predicted for the UK election. First of all we would like to say that European index margins have been returned back to normal on our trading platform. However GBP crosses remain at a 2% margin level which we hope to reduce by midday on Monday 12th June.

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Trade of the day: GOLD

GOLDH1

The precious metal is on an uptrend and this morning opened above the pivot price which is at 1287.5. Technical indicators including the 50 hourly MA and the RSI also show potential for further upward movement.

Given the observed factors, best trade recommendation is that as long as price is above the pivot price, then long positions can be taken with targets around 1297 and 1300. Alternatively, if price moves under the pivot, then short positions can be considered with targets around 1283.5 and 1277.5.

Trade of the day: EURUSD

EURUSDH1

Following the disappointing Jobs report announced last friday, the Euro rallied against the USD. Before the close of last weeks session and the markets open this week, price has been mostly consolidating. However it still opened above today’s pivot, which is at a price of 1.1250. Technical indicators including the RSI and hourly MA support a bullish trend.

Best trade recommendation would be to go long as far as price stays above the pivot price, targeting 1.1290 and also 1.1330. In the event that price goes below the pivot, then short positions can instead be considered with targets around 1.1225 and 1.1200.