[Gold] has met one upside objective today with the continuation higher. On nearest futures charts (COMEX), the market has come within $1 of retesting its mid-July top at $669. With the breakout from the just-over-six-month-old symmetrical triangle, technical objectives are vastly higher (though it can be argued that the pattern is a bit too stretched out to have confidence that classic measuring techniques apply in the current case).
Let's give the bulls the benefit of any doubt, as those same continuous contract charts show a gap higher with today's rise, very possibly of the breakaway variety. Weekly and monthly targets still point to the $675-76 zone as next resistance; a surge pastmeans $700 is next.
In Mar [oil], we have been eager to advance the notion that a correction hasstarted and may yet be proven correct, though not exactly on the timetable at first thought. Evidence in favor of the correction notion is that prices have come within 20 cents of Nov floors at $60.61 and momentum and RSI studies have not yet shown bulls are in control.
The market is slightly past its 50-day moving average today at $59.61 Mar. In the event of an "overshoot," 200-day moving averages on continuous futures charts are just over $62 and Dec peaks are$64.15, either of which could mark a turning point for a major correction.
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