Comment by installations of Trade Forex: Gold and EURJPY fakey 9-28-10

Published September 29th, 2010

Comment by installations of Trade Forex EURJPY fakey: Gold and

Gold:

Gold put in a massive false break/fakey model during the price action today. Note how queue bottom candle showed the refusal of the level of support intra-day recently near 1283.00 before quickly reversing top and affects almost 1310.00 per ounce.

This is still a powerful example of the trend of price action trading with gold.

EURJPY:

EURJPY formed a normal fakey today compared to what we saw in gold.Could we see price push upwards towards the resistance around 114.80 from here.We see a strong break above this level of resistance to a deeper to occur.

Note how low the fakey moved towards the day 8 moving average before rejecting the price and pushing higher, in line with the uptrend dominate.

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Comment:

Euro gained ground against the dollar and the pound today as speculation escalation that central banks in THE US and British would pump more money into their economies anemic; this process is known as quantitative easing. This posted euro impetus for up to 5 months against the dollar and for a maximum of 4 months against the pound.

Elsewhere, gold rose to $ 1,310 an ounce and silver hit a top 30 years as the appeal of precious metals savings-refuge has encouraged even weaker U.S. consumer confidence and house prices.

The Dow added 46.10 points, or 0.43%, S & P 500 added 5.54 points or 0,49% and the Nasdaq acquired 50.86 points or 0.41%.