Thursday, 2 June 2011

Gold throw over complete, Silver turns lower

Hourly candlestick chart of Gold for the past month. Last night (Oz time) I said that Gold would ideally meet or exceed the top line of the corrective trend channel. A throw over of that trend line has now occurred, likely turning the trend to down. Confirmation would come from a break below the nearby up trend line, currently just under 1530.

Silver's throw over occurred last week, and the trend has turned lower.

USD up

Hourly candlestick chart for past month. AUD/USD has tested resistance above 1.07, and is now testing the top of the trend line formed from the early May highs.  Trend is not yet clear at this time frame.

GBP/USD has continued lower after breaching the trend line formed from the late May lows. Trend is clearly down at this time frame.

EUR/USD is testing the trend line formed from the late May lows. A break would turn the trend to down.

ASX 200 down trend continues

Daily candlestick chart for the past year. The down trend is clear at this timeframe. As per my post on the weekend, last week's lows are key, not just for the ASX 200, but for China and India also.

S&P 500 false break out, trend not clear

S&P 500 daily candlstick chart for the past year. Too early to say whether the trend is turning down, or sideways.