Monday, 15 April 2013

Gold could be completing a bull flag, though Silver's descending triangle suggests it isn't

Gold's current down trend channel could be interpreted as a bull flag, complete or very nearly so, which would call for a rally from nearby current levels to new record highs. A move by Gold below the nearby trend line would call for an acceleration of the current downtrend. Don't rule it out.

Silver's pattern throws doubt on a bullish resolution for Gold. Silver has completed a descending triangle. The tallest height of the triangle completed a 48% drop, and the break lower targets a similar move, toward 1350. This measured target is not a forecast, but a trading edge, yes there's a difference.... another topic for another day.

ASX 200 still stuck in support / resistance zone

Weekly chart including after hours trade.

AUD/USD returns to middle of trading range

Daily chart shows the AUD/USD has returned to the middle of the trading range that began last July.

Weekly chart shows it was a case of close but no cigar for the triangle breakout. The range and the triangle remain in play and the eventual break, be it up or down, should have legs.

NASDAQ 100 wedge completion could signal US stocks as next domino to fall?

The NASDAQ 100 futures are points away from completing a bearish wedge with a false break / throw-over of the top line. Worth keeping an eye on this evening (Oz time).