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 […]
Gold continues trading under the three year+ bear trend line of a bullish descending wedge but has closed the month above key $1,100 support and has also printed a bullish-reversal monthly candle pattern. Silver has printed a different, but still bullish-reversal style, monthly candle and is consolidating in a similar style wedge. Most other metals have held […]
Whilst most global stock indices have closed lower for the month the BoJ activity on Friday helped many to carve out a bullish weekly close and to hold above monthly support trend lines. The weekly and monthly charts of some indices are reviewed in this post.
Oil has rallied to close the month above the key $33.55 level which was the post GFC low from back in Feb 2009. This has set the monthly chart up for a potential bounce off a bullish-reversal ‘Double Bottom’ level.
Gold is trading higher after the FOMC statement and my bullish TC signal is well advanced now. However, there are two longer-term bullish technical patterns still developing on Gold charts that are worth monitoring as the week draws to a close.