Forex Trade Setups Commentary: Gold and Silver pin bar setup recap, 21st February 2012

Trading Setups / Chart in Focus:

Gold

The spot gold market shot significantly higher today as price continued to move higher from the pin bar setup off support that formed last Thursday. We first discussed this price action setup in last Friday’s commentary. Many of our members in the forum are in on this obvious pin bar setup as it has been discussed widely in the gold thread. We can see near-term resistance near $1760.00, if price clears this level our next target / resistance area comes in near $1800.00

Silver

The spot silver market also formed a pin bar strategy off support last Thursday. We can see this setup formed showing rejection of the 21 day EMA level as well as $33.00 support. This setup was also widely discussed amongst our members, and many of them are now in a profitable trade or have already locked in a 1:2 risk : reward, as this setup provided for an obvious 50% retrace entry.

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Forex Commentary:

In the currency markets today, the euro was basically unchanged against the U.S. dollar after euro-zone finance ministers agreed to a 130 billion euro bailout for Greece. The deal has mostly been factored in by the market.

Most of the other majors lost ground to the greenback today. Gold and silver moved significantly higher as price moved up off of recent daily pin bar setups in both the metals.

Other Markets:

In the U.S. markets today, stocks were little changed. The Dow pared early gains after it moved above 13,000, higher oil prices also worked to stall the recent rally in stocks.

The Dow gained 15.82 points, or 0.12 percent, the S&P 500 added 0.98 point, or 0.07 percent, and the Nasdaq lost 3.21 points, or 0.11 percent.

Upcoming important economic announcements: 2/22/2012

4:30am EST: Britain – MPC Meeting Minutes
10:00am EST: United States – Existing Home Sales