Lets go through some charts for the markets mentioned above in the headline. The charts will be of daily and weekly TF.
The candle on daily shows no technical weakness of reversing as of now. Though we are approaching 50MA and hence the swing can take a breather there since Ben is on a two day meeting. Will have to look which way the market moves, does it gets resisted at swing or does it jumps over the swing. Similar thoughts for SP500 on daily TF.
On weekly as well - the trading range continues and we will see how does this resolve. Those who may have been long since start of the week can and should book their profits if not already done so. Similar thougths for SP500 on weekly. The predominant theme is sell on rallies but the daily strength is saying wait for shorting.
Gold and Silver look like they will continue with their correction. Though Gold on daily is approaching oversold conditions in few days. Silver is already at 50MA and advise will be to accumulate both the metals in this correction.
On weekly TF the correction looks like it has some way to go --- hence guys have enough time on hands to accumulate. Applicable both for Gold and Silver.
The weekly performance put in by Stock Market has been positive but still YTD the markets are in red. YTD biggest winners remain Gold and Silver and thus we need to remain with them.
No comments:
Post a Comment