Intraday Market Thoughts

Gold & Silver Take Turns at the Top, Euro Stabilises

by Ashraf Laidi
May 27, 2011 17:17

EURUSD is reluctant to close below its 55 dma for the 3rd straight week. Gold finally its 1534 and FTSE100 closes 40 pts away from our target. EURUSDs 200 week MA conspired with the 100 day at the 1.40 level to provide a vital foundation. Once our 1.4160 stop for EURUSD shorts was hit on Wednesday, we found the importance to turn the table and issue bullish forecasts for SPX, Dow 30 and FTSE100 (all of which are trades already in the money) We also include our alert on why euro bulls must avoid making the same mistakes we made back in November/December 2010 and not falling into the trap of false reversals. Click here for today's piece titled: Six Monthly Charts Cementing Our View

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