Gold markets rose initially during the course of the session on Monday, but found the $1140 levels to be bit too resistive, and turned things around from there to form a fairly bearish candle by the end of the session. With this in mind, we expect the market to move around $1130 levels on Tuesday also. We would be sellers on every rally that show signs of weakness. We have no Interest in buying this market until it breaks the $1160 levels, as there is too much resistance all the way upto $1160 levels.
Silver Markets pulled back slightly at the opening of the session on Monday, and then turned back around to form a bit of a hammer. With this being the case, it looks as if the markets will try and move towards the $15.50 levels which has been quiet resistive in the past. We have no real interest in selling, simply because this market seems to be rather resilient and has started showing signs of strength following the formation of the hammer. However, we have no interest whatsoever in selling this market as it has been so strong recently and $15 levels has been quiet tough for this market to break.
The light sweet crude market rose during the course of the session on Monday, proving the importance of $44 levels as a support. This market has now been consolidating between $44 and $48 levels for quiet some time now. We now believe that short-term pullbacks will provide good buying opportunities, and ultimately the market will take a breakout above $48 levels. In the meantime we expect this market to be a lot volatile. With this being the case, we have no interest in selling, as we understand the fact that, any pullback will simply be a buying opportunity in this market.
EURUSD fell during the day on Friday. The pair is in the down trend and we do not see any recent support down there. Once we get below 1.1140 level we can land up somewhere around 1.1015 level. With the next daily candle we may get to see some some buyers probably. For longer term, below 1.11 level is a clear bearish market.
GBPUSD fell during the day. We believe that the market is trying to reach below 1.53 level. With the next daily candle we are again sellers in this market. Probably, if we break below 1.53 we can head up to 1.52 level.
AUDUSD fell during the course of the day on Monday. The market may continue to drift down to 0.70 level with the next daily candle. We do not see buyers to enter into this market so we are selling this pair. On the daily chart, we see a clear rounding top and so we are definitely sellers and expect to reach 0.68 level.
NZDUSD is consolidating within a range between 0.6330 to 0.6300. We believe 0.6295 we are surely sellers as the pair in in the longer term down trend. With the next daily candle we are again sellers in this market and once we get below 0.6200 level we may head down to 0.60 level.