Daily Market Update - Thursday 08 December 2016

EUR/USD Intraday: the bias remains bullish.

Pivot: 1.0735 Our preference: long positions above 1.0735 with targets at 1.0795 & 1.0820 in extension. Alternative scenario: below 1.0735 look for further downside with 1.0700 & 1.0680 as targets. Comment: the RSI is supported by a bullish trend line.

Green Lines Represent Resistances | Red Lines Represent Support Levels | Light Blue is a Pivot Point |  Black represents the price when the report was produced

USD/JPY Intraday: the downside prevails.

Pivot: 113.87 Our preference: short positions below 113.87 with targets at 113.12 & 112.95 in extension. Alternative scenario: above 113.87 look for further upside with 114.40 & 114.75 as targets. Comment: the RSI advocates for further decline.

Green Lines Represent Resistances | Red Lines Represent Support Levels | Light Blue is a Pivot Point |  Black represents the price when the report was produced

GBP/USD Intraday: further advance.

Pivot: 1.2600 Our preference: long positions above 1.2600 with targets at 1.2695 & 1.2735 in extension. Alternative scenario: below 1.2600 look for further downside with 1.2560 & 1.2515 as targets. Comment: the RSI advocates for further advance.

Green Lines Represent Resistances | Red Lines Represent Support Levels | Light Blue is a Pivot Point |  Black represents the price when the report was produced

Gold spot Intraday: further upside.

Pivot: 1171.00 Our preference: long positions above 1171.00 with targets at 1185.00 & 1188.00 in extension. Alternative scenario: below 1171.00 look for further downside with 1165.00 & 1160.50 as targets. Comment: the RSI broke above a bearish trend line.

Green Lines Represent Resistances | Red Lines Represent Support Levels | Light Blue is a Pivot Point |  Black represents the price when the report was produced

Silver spot Intraday: further advance.

Pivot: 16.9800 Our preference: long positions above 16.9800 with targets at 17.3700 & 17.5100 in extension. Alternative scenario: below 16.9800 look for further downside with 16.8200 & 16.6200 as targets. Comment: the RSI broke above a declining trend line.

Green Lines Represent Resistances | Red Lines Represent Support Levels | Light Blue is a Pivot Point |  Black represents the price when the report was produced

Crude Oil (WTI) (F7) Intraday: under pressure.

Pivot: 51.10 Our preference: short positions below 51.10 with targets at 48.80 & 48.24 in extension. Alternative scenario: above 51.10 look for further upside with 51.60 & 52.40 as targets. Comment: the RSI is capped by a declining trend line.

Green Lines Represent Resistances | Red Lines Represent Support Levels | Light Blue is a Pivot Point |  Black represents the price when the report was produced

Dax (Eurex) (Z6) Intraday: bullish bias above 10740.00.

Pivot: 10740.00 Our preference: long positions above 10740.00 with targets at 10975.00 & 11055.00 in extension. Alternative scenario: below 10740.00 look for further downside with 10630.00 & 10545.00 as targets. Comment: the RSI is bullish and calls for further advance.

Green Lines Represent Resistances | Red Lines Represent Support Levels | Light Blue is a Pivot Point |  Black represents the price when the report was produced

Dow Jones (CME) (Z6) Intraday: bullish bias above 19310.00.

Pivot: 19310.00 Our preference: long positions above 19310.00 with targets at 19630.00 & 19700.00 in extension. Alternative scenario: below 19310.00 look for further downside with 19175.00 & 19085.00 as targets. Comment: the RSI is bullish and calls for further advance.

Green Lines Represent Resistances | Red Lines Represent Support Levels | Light Blue is a Pivot Point |  Black represents the price when the report was produced