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Mood!

Monday, July 16, 2012

Crude oil

Crude Oil seems to have found a short term bottom and looks set to rise substantially as do most commodities

Bull flag target 96 ..but oil tends to overshoot on upside and downside, so more is possible.


Friday, July 13, 2012

GOLD ..follow up

Looking at the daily chart..

Lots of support at 1525, so only a significant close BELOW that level would turn the chart bearish..
Many  looking at 1540 level as key, so a break there MAY see quick sell..but 1525 looks stronger.
If we break higher out of the large wedge..eventual target would be close to 2000 USD

IF we break 1525 where could it go?  
Previous resistance was 1438 in 2011 and once it broke there 1476 was support on the pullback, so a range of 1438 to 1476 could be possible


Wednesday, July 11, 2012

GOLD and SILVER

A lot of bearish thoughts out there..so sentiment is pretty negative

Weekly charts for both show that the BULL side may prevail, though with the sentiment so negative it may be that we get a quick fall and even quicker reversal just to mess with the BEARS!

GOLD weekly

Action look similar to 2008 after it made a high then, ie corrective so a plus for the bulls.
The RSI is low
MACD looks like it wants to turn up.



SILVER weekly

The bearish argument rests on the large DESCENDING TRIANGLE, which a majority of time breaks down ie a bearish formation.
However it can also be viewed as a CONTINUATION pattern, ie the trend that was in place before the appearance of the triangle will re-assert itself..in this case UP.

This chart makes me think we will have a quick fall, and then the reversal higher.




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