COMEX GOLD :: Rarely do technical indicators fail if it moves consistntly with a trend! This is what we witnessed the past two days when the metal rebounded from the 871- 884 critical levels on the short and medium terms. Today we see further declines as far as 866.95 remains intact without any four hour closing where we expect gold to retreat to 830.80 at the very least.
LONG TERM COMEX GOLD :: The general trend is to the downside as far as 934.30 remains intact with targets at 649.20 and 615.60 We depend on four hour closings due to the volatility in financial markets and the fluctuations on the intraday basis. From here we see that using the stop loss and confirming the breach of resistance and support levels is based on these closings to overcome the turbulence that resulted from the current global economic conditions .
COMEX SILVER :: Silver lost all its momentum during yesterday's session and entered a downside channel where it is expected to continue today. On the intrday basis, we see a slight possibility for upside movements but as far as 11.11 remains intact the metal could decline to 10.50.
COMEX SILVER LONG TERM :: The general trend is to the downside as far as 14.70 remains intact with targets at 8.05 and 7.60 We depend on four hour closings due to the volatility in financial markets and the fluctuations on the intraday basis. From here we see that using the stop loss and confirming the breach of resistance and support levels is based on these closings to overcome the turbulence that resulted from the current global economic conditions .
EURO :: Due to the pair failing to close above 1.4620 on the four hour charts, it entered a downside channel that took it back to the 50% correction at 1.4210 - 1.4250 but at the same time price is still within an ascending channel with a key support at 1.4115. Despite us seeing a need for further declines, a rebound from the 1.4210 - 1.4250 to the upside is still possible.
LONG TERM EURO :: The general trend is to the downside as far as 1.5080 remains intact with targets at 1.2340 and 1.2225 We depend on four hour closings due to the volatility in financial markets and the fluctuations on the intraday basis. From here we see that using the stop loss and confirming the breach of resistance and support levels is based on these closings to overcome the turbulence that resulted from the current global economic conditions.
HIGH ALERT:If spot gold does not break $930 by 10th January then it will fall to $750 and $680 in January,2009
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