Global stocks continue trading lower on global-growth concern but, in this post, I’m more focused on identifying potential technical support levels below current price. Here’s what I’m seeing on some of the majors.
My TC signal on Gold is now up a whopping 780 pips and still going. However, the precious metal has reached a major S/R level and I’ll be watching to see if this allows for any pullback or simply launches the metal higher.
Gold has continued on with its bullish wedge breakout and Silver is in the process of attempting one now too as it rallies above the key S/R level of $15. There has been a 4hr candle close above the weekly chart’s bear trend line but, obviously, a weekly candle close above this level needs to […]
The recent move higher with Gold and the basing-style activity with Oil had me checking some mining and resource related Aussie stocks over the w/e. Posted below are some charts that I will be watching for any recovery and /or breakout activity, especially if the recovery effort with Gold continues.
Gold has rallied overnight with more ‘flight to safety’ activity following further weak US data. The metal has broken up through a three year+ bear trend line and any continued US$ weakness will help to keep the metal supported. Traders need to watch and see if there is a weekly candle close above this bear trend line […]