Thursday, 10 November 2011

ASX 200 set to open lower

After hours trading is currently at 4219, down from Wednesday's ASX close of 4346. Following yesterday's completed throwover, the market declined strongly. Daily chart shown today. A move below the 4100 area, which includes the late October and November lows, would raise the odds for further decline.

Gold declines following throw over

Hourly chart. Gold poked higher one last time following my "throw over complete?" post from earlier in the week, but now looks to be in the early stages of a down trend at this time frame. We'll have to wait to see if the hourly chart decline morphs in to a decline at larger degrees of trend (ie. daily and weekly charts).