US Markets and Precious Metals Technical Check

Certainly - No place to hide during the week. Seems like Risk is OFF for now. Lets us see how we close on friday ie today. 



 We are at the August lows for both Dow and SP500. The question to be asked is would the lows hold. The indicators suggest that the conditions are not oversold yet and thus in a bear market the lows would be violated -- hence it is prudent to be short or have no positions at the moment.

 After yesterdays sell off Gold has been reaching an oversold condition. It violated its 50MA on closing basis which may suggest further correction. 1700 was the swing low and must hold incase the double top formation is not to be proved right. Silver on the other hand has already reached its 200MA given it 9% sell off yesterday.

 Crude again in risk off mode as others.

Conclusion - The markets look like they may want to break the August lows.