Wednesday, 13 July 2011

ASX SPI 200 Hourly Chart Possible Double Bottom

The ASX SPI 200 tested the June lows in overnight trading (Oz time), forming a possible double bottom. Possible, but not probable in my view, given the larger degree down trend. That said, anything can happen, so let's keep our eyes open.

Silver and Gold Rally

Hourly charts with market action updated since my previous Gold and Silver post 12 hours or so ago.

The question I posed in the earlier post was, Will Gold and Silver join the decline? The answer to that for the time being was clearly No from the time that Silver tested and rallied from the lower trend line. 

Gold also tested and rallied from its up trend line. Last night's trading (Oz time) saw Gold travel to within 3.5 of its all time high, made at the beginning of May. What will happen today? Will it test that high? Will it break that high? Or will it complete a throw over of the steep up trend channel and begin to decline?