Forex Trade Setups Commentary: Silver price action, 30th October 2010

Gold Silver performed Outside this week as both the rose of precious metals, on the back of continued signs of weakness of the dollar.

We can see in the workplace-daily chart below which the silver metal formed a small bar pin indicated the bullish refusal to support dynamic of exponential moving average on day 21 on October 22nd. Price more consolidated for several days, forming a second bullish bar pin "confirmation" and within a bar in the process.

Friday price higher and broken exploded Thursday in Setup.log bar we can see in the chart that resistance enters the head closer around $ 24.90 per ounce, it will be interesting to see what price action transpires around this level next week.

For deeper analysis of the major currency pairs and analysis of forex price action, check out my forex trading course.

Comment:

The dollar eased on Friday after economic data showed that the u.s. economy grew in the third quarter, but not strongly just change the expectation of monetary easing from the Fed next week.

The index of the dollar edged lower, while the Japanese Yen however near its peak records in 1995 of 79 74 yen for one dollar.

The combination of American mid-term elections next week and the announcement of the Fed will probably have a profound effect on the currency markets and could set in place an inflection point up or down.

The Dow rose 4.54 points, or $ 0.04%, S & P 500 lost only 0.52 a point, or 0.04 percent and the Nasdaq acquired only point 0.04 or 0.00%.

Forex commentary: Silver top model Expoding fakey complete – 4 November 2010

Forex commentary

The dollar fell further today.Weighing heavily on the dollar was greater energy and commodity prices. Gold spot touched record levels again today as the Fed move to increase the supply of money in the United States weighed down the dollar.
The weak dollar is considered as inflationary pressures for the American economy, however, that should help the sector export USA weak push. Technically the dollar remains extremely weak and the tendency remains bearish.

Negotiation/chart settings in the foreground

Silver

We have discussed setting bullish market for silver fakey members comment yesterday, noting the fakey/pin huge buy installation which was formed on the daily chart section.This was a "huge" long tail pin bullish bar fakey, that is not the conventional action price signal. this signal required above high bullish confirmation to confirm, and which in fact occur overnight, catipulting prices to record levels, producing a close above the resistance level of $ 25.00. Signals like this are you unique and rarely occur, but the principles remain the same. Annotated chart below shows the inside bar structure that then saw prices form a false break down and then reversing next back to top ups bullish, completing the fakey pattern.

For more in-depth information on of my action price trading signals/setup check out my Forex advanced action price negotiation

Other markets

In New York, the stock market extended impressive rally near two-year highs, a day after the Federal Reserve has unveiled a plan to revive the economy.

The Dow Jones added points 219.71 today, or 1.96%, S & P 500 gained points 23.09 or 1.93% and the Nasdaq added paragraphs 37.07 or 1.46%.

The next important ads: 11/5

Provisional: Japan – BOJ press conference
05: 30: Britain – PPI input m m
07: 00: Canada-employment change
07: 00: Canada-unemployment rate
8: 30amEST: Canada – building permits m m
08: 30: United States – non-farm employment change
08: 30: United States-unemployment rate
10: 00 am EST: United States – pending home sales m m
2: 00 pm EST: United States-Chairman Bernanke speaks