Seeking Alpha

Chris Capre's  Instablog

Chris Capre
Send Message
Chris Capre is a professional forex, index futures and commodities trader, specializing in Price Action & Ichimoku trading. Chris applies his methods to the markets both intraday and medium term swing trading, and has been trading for over 13 years. He is also the manager for a private fund... More
My company:
My blog:
My book:
Trading Price Action and Pivot Points
  • Gold Pullback Into Dynamic Support Holds | Dec. 11th

    In my market commentary from yesterday on gold, I suggested gold will likely pullback into the $1705 dynamic support, along with a follow up suggestion to look for longs off this level.

    This played out to perfection and price is now just above $1711.30, so hopefully you were able to make some profit on this one.

    For now, the precious metal is stuck between the $1705 and $1715 levels until tomorrow, where the FOMC meeting should inject some volatility into the markets, especially Gold. I am expecting a break of these levels, so bears can look for shorts on a breakout retest of the $1705 support area, while bulls who are not already long can look for a price action setup above the pin bar highs from yesterday.

    (click to enlarge)

    Upcoming Economic Announcements:

    EUR German Consumer Price Index - EU Harmonised (YoY)02.00EST
    GBP Jobless Claims Change04.30EST
    CHF ZEW Survey (Expectations)05.00EST
    USD Federal Open Market Committee Rate Decision12.30EST
    USD Fed's Bernanke Holds Press Conference14.15EST
    NZD Business NZ Performance of Manufacturing Index16.30EST
    Dec 11 9:57 PM | Link | Comment!
  • Gold Forms Pin Bar Off Dynamic Resistance | Dec. 10th

    Covered in my weekly forex market commentary, pin bar + inside bar combination produced a $1705 break and as stated would likely run into the daily 20ema and dynamic resistance.

    This ended up playing out to a tee as the precious metal hit the 20ema and formed a pin bar on the 4hr charts.

    The selling since then is corrective and I am not convinced, which leaves me to believe another push higher is coming soon. Combine the fact the Fed is meeting this week, and likely announcing more easing, and I'm seeing the line of least resistance to the upside.

    I'm watching for possible pullbacks towards $1705/07 area targeting $1715 and a potential break for a possible push up to the next major resistance at $1735. If $1705 fails to hold, then prices will likely push down towards support at $1685.

    Daily Chart Gold
    (click to enlarge)

    4hr Chart Gold
    (click to enlarge)

    Upcoming Economic Announcements:

    EUR German ZEW Survey (Economic Sentiment)05.00EST
    USD Trade Balance08.30EST
    AUD Westpac Consumer Confidence18.30EST
    Dec 10 7:53 PM | Link | Comment!
  • Gold Forms Inside Bar At Support, More Upside? Dec. 6th

    Today Gold formed an inside bar which followed a 2-way bar from Weds. I suspect have the suspicion the massive selling in Gold is some form of unwinding portfolios for the end of the year, or profits taken from Gold's rise as other asset classes have under-performed.

    Either way, near term resistance is at the $1705 level which already rejected weds. If it clears this, then the doors are open for a move up to $1715. Any break below $1685 sets up a trip towards the critical $1673 lows which are the 3-mos low for the precious metal.

    (click to enlarge)

    Upcoming Economic Announcements:

    GBP BoE/GfK Inflation Next 12 Mths04.30EST
    EUR German Industrial Production s.a. (MoM)06.00EST
    USD Change in Non-farm Payrolls08.30EST
    CAD Net Change in Employment08.30EST
    USD U. of Michigan Confidence09.55EST
    GBP NIESR Gross Domestic Product Estimate10.00EST
    Dec 06 10:11 PM | Link | Comment!
Full index of posts »
Latest Followers


More »

Latest Comments

Posts by Themes
Instablogs are Seeking Alpha's free blogging platform customized for finance, with instant set up and exposure to millions of readers interested in the financial markets. Publish your own instablog in minutes.