Now gold is trading around $1324 & as we can see on chart, it has given up all the upside move which came after the FOMC meeting result. However technical it was not a correct move. As we can see gold is not broken the lower trendline of the minor ascending channel started after FOMC & this suggest for a downside move to continue.
Gold has been trading in a narrow range since November. It just oscillates between 1000 point range of 28300 to 29300. At the same time it is giving a ascending triangular pattern which is mostly a bullish signal for further up-move.
Gold crashed below 4 weeks low today as the dollar’s rally cut demand for the metal as an alternative asset and there is a panic selling in the gold. Prices sink as investors sell the metal to raise cash and pile into the greenback. Silver plunges 11% as recession fears rise.
The trend of gold is tremendous, since july 2011 gold has gained nearly $400/ounce and the raise in gold due to poor global macro economic conditions.Gold is resisting to close above $1900 levels on EOD basis. As bulls could not manage to hold the $1900 level yet again – this time forming a bearish double top pattern in the process.
Daily charts of Gold Charts(Dollar Denominated shows that Ichimoku Cloud resistance near 1225-1245 zone.
Outlook for the Gold looks trending downwards in medium term.
Weekly Chart of Dollar Denominated Gold Future Charts and Hangseng Index Weekly Charts are shown. As of now both trades weaker and under the Ichimoku cloud resistance with gold long term resistance near 1100 levels and Hangseng Resistance near 22,00(approx). Have a deep look into the chart
GANN FAN Charts for GOLD BEES shows that Gold Bees bouncing from theGANN FAN Support zone Rs1660. Ideal trade is to buy Gold Bee with stop lossof Rs1640. Failure to hold the support will test lead to the next support zone Rs1400 Source: www.marketcalls.in
Baltic Dry Index is often referred as the leading indicator of th economy. The index measures the demand for shipping capacity versus the supply of dry bulk carriers. The demand for shipping varies with the amount of cargo that is being traded or moved in various markets The BDI is termed a leading economic […]
Here is cute overview of the relationship between fundamentals and the DOW over at Macrotactics: GM chapter 11 = PRICED IN125K+ jobs lost from GM chapter 11 = PRICED INunemployment @ 9% = BETTER THAN EXPECTEDunemployment @ 10% = DOW SOARSunemployment @ 11% = GREEN SHOOT RALLYunemployment @ 12% = ALREADY FACTORED IN unemployment = […]
Gold / Oil ratio refers to how much crude oil can be bought with one ounce of Gold. With gold at $1000 per ounce and oil at $66 per barrel, the Gold/Oil ratio is at 15.15. The average for the last 40 years has been around 15. The gold-oil ratio identifies: – […]
Charts of USD Dollar Index shows a Basic 5 wave elliot corrective structure ending with strong Positive momentum Divergence which is clearly visible in MACD as the index is making lower values MACD trend to move higher. Possibly the shorter term trend could change followed by lower crude,gold and stock asset prices. Source: […]
Gold is making a bigger Divergences in daily charts with base supports(55 EMA) near $930. Below 930 it warns a testing of previous supports near $870 in medium term Source: www.marketcalls.in