The probability of the index moving lower remains high since the structure is looking weak with overbought conditions and lesser momentum. Same thought is for SPX500 index as well. Now do the markets take the Feds events to sell off? We will see. We anyways have a short bias here since neither we are in longs nor are we initiating anything on the longs side.
If you read my earlier posts - i had said that gains in gold will be vulnerable since it will move with sideways to negative bias. Now since the metal is correcting and already approached its 200ma almost, we will have to see the price reaction which should be little constructive since its forming the base as well as the metal is reaching oversold territory in its bull run.
Silver has been going sideways in a huge consolidation pattern like gold but unlike gold is technically more damaged. Hence lets see how the base is formed for the metal and then when does it start moving/ trending higher.
This may be one of the best times to accumulate the metals instead of trading them.
No comments:
Post a Comment