Forex Price Action Setups (NY Close) Apr. 25th

Apple’s Earnings + Bernanke Comments = Stock Gains
Global investors got a double-dose of good news with Apple shares outperforming expectations launching the Nasdaq (NasdApple at this point) 2.7% on the day giving it the best gain in over 4mos while carrying the DOW and S&P with it higher.

But then Bernanke came in at the FOMC announcing he was prepared to use his balance sheet (read printing press) to spur growth if necessary (and not help create real growth).  This was all the market needed to have a short term amnesia about the woes in Europe, the horrible US Durable Goods print being worse then expected (nothing to see here…move along), or the fact the UK data showed it had slid back into recession giving it the first double dip since the 1970’s.

So what was the net result?  The DOW lagged but gained 89pts or .69% and the NasDApple jumped 2.3% at close or 68pts.   Gold jumped on the news which was down on the day hovering just above $1625 and closed at $1642 reversing all the losses for the day.

Gold & Silver Form Daily Pin Bars

The precious metals duo both formed daily pin bar setups suggesting for silver it could be a false break of the lows while gold held the prior lows at $1625 suggesting it is the more supported of the two.  What is also interesting to note is how they both formed reversal patterns on the 4hr time frame as well, with gold forming another pin bar on the 4hr chart which was the rejection from the FOMC comments, while silver formed a piercing pattern off the $30 level.  Between the two, we prefer buying gold since it has been more supported and hasn’t breached the recent lows, but both could offer possible longs so look for price action triggers on the pullbacks into the pin bar and piercing bar on the 4hr time frames for both.

Gold 4hr Pin Bar 

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Silver Daily Pin Bar

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