Key currencies (Forex) & Gold Daily Forecast - 21 Oct, 2011

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Oct 20, 2011, 7:03:57 PM10/20/11

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DAILY FOREX & GOLD FORECAST FROM GO MARKETS DAILY (QUOTES) FOR 21 OCT, 2011

EUR/USD

GBP/USD

USD/JPY

EUR/JPY

GOLD


	EUR/USD intraday: continuation of the rebound.



	Pivot: 1.365 Our preference: Long positions above 1.365 with targets @ 1.3835 & 1.3885 in extension. Alternative scenario: Below 1.365 look for further downside with 1.358 & 1.3525 as targets. Comment: the RSI has just landed on a support around 30% and is reversing up.


	GBP/USD intraday: bounce.



	Pivot: 1.5730 Our preference: Long positions above 1.5730 with targets @ 1.5850 & 1.59 in extension. Alternative scenario: Below 1.5730 look for further downside with 1.5680 & 1.5630 as targets. Comment: the RSI is bullish and calls for further upside.


	USD/JPY intraday: rebound.



	Pivot: 76.8 Our preference: Long positions above 76.8 with targets @ 77.1 & 77.2 in extension. Alternative scenario: Below 76.8 look for further downside with 76.6 & 76.4 as targets. Comment: the RSI broke above a declining trend line.


	EUR/JPY intraday: bullish bias above 104.9.



	Pivot: 104.9 Our preference: Long positions above 104.9 with targets @ 106.6 & 107.05 in extension. Alternative scenario: Below 104.9 look for further downside with 104.2 & 103.75 as targets. Comment: the RSI has just landed on its neutrality area at 50% and is turning up.


	GOLD (Spot) intraday: rebound expected.



	Pivot: 1605.00 Our Preference: LONG positions above 1605 with 1635 & 1642.5 in sight. Alternative scenario: The downside penetration of 1605 will call for a slide towards 1595 & 1583. Comment: the RSI has just broken above a declining trend line.