Despite all the market reaction to the OPERATION TWIST we srill are in the range that the markets have been struggling in since August low. Though even if we are to not break down this support area, we are unlikely to see any upward price movement as things stand today for some days since price would have to be healed. Similar conclusion for SP500.
Gold has reentered its weekly channel and the middle band of the channel (not shown) or 150MA will be a good support for the metal. As we have told you guys, dont trade this Bull, just accumulate the PM stuff. As things stand today, Gold 150MA is 1572. Hence 1600 is a good accumuluation point.
Silver is damaged badly and looks like will take a lot of time to heal itself. Its at the confluence of multiple supports and hence needs to be seen where and how does it act when it reaches the place.
Copper again is badly damaged and now supports should provide some relief. The bounce would determine the extent and nature of correction.
USD had a breakout out of the consolidation zone and now is making higher highs and higher lows. But its overbought so coupled with the SP500 and other indices at support levels, we need to see if their is some relief in the indices as they try to sideways to upwards or we go straight down due to momentum.
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