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Technical Analysis Report

Technical Analysis – 30th Jan 2017Gold Technical Analysis Report

Gold is correcting in an up trend. Gold is close to 38.2% and closed below the 20dma. Daily indicators are still in sell mode. Wave II corrections can get deeper and we have a FED meet next week. So stay open to 61.8% near 1160 as a possible level for wave II to bottom. Once the correction is complete a larger up move should unfold.

Technical Analysis – 30th Jan 2017Dollar Index Technical Analysis Report

The dollar made a low near the previous wave 4 swing low. Dollar index should be in wave ii bounce back from that level. The larger trend is down. First resistance is at 101.7. The fall is a leading diagonal. A wedge like formation that is impulsive [5-3-5-3-5], and occurs at the start of a move. Wave ii up will visually look like a right shoulder.

Technical Analysis – 30th Jan 2017Silver MCX Technical Analysis Report

Silver like gold is also in wave ii down. Wave ii may form a right shoulder of a inverted head and shoulders bottom. Retracement levels are 38.2% at 40650, 50% at 40155, and 61.8% at 39790. The neckline is at 42090 above which the third wave to much higher levels will have started.

Technical Analysis – 30th Jan 2017USA AUD Technical Analysis Report

After a 5 wave fall in the USDAUD we could see wave 2 up as the first serious retracement in the dollar up to 1.34 or 1.365 before the downtrend resumes

Technical Analysis – 30th Jan 2017USA CNY Technical Analysis Report

USDCNY - has resumed its upward trend after falling in 3 waves, i.e. a-b-c. The fall is marked wave iv and maybe complete and wave v of III, up to 7.00 as the next target, may have started. 7.0 is close to the upper channel line of the long term trend.

Technical Analysis – 30th Jan 2017USA GBP Technical Analysis Report

USDGBP may be completing wave C of a triangle in what looks like a multi month triangle in formation. Wave D up will go to 0.83 near the upper trendline next, from the 0.788 support

Technical Analysis – 30th Jan 2017

•Adam Smith Associates offers trade & commodity finance related services & solutions to its domestic international clients. Views expressed in this article are purely of the author - Mr Rohit Srivastava - a leading technical analyst.

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