Monday, 14 April 2014

Gold beginning a new leg lower?

Daily chart begs the question, is Gold beginning a new leg lower? The recent bearish cross by the 18 and 40 day moving averages indicates that it is.

Hourly chart zooms in on recent action. A move below the illustrated up trend channel would indicate a possible resumption of the infant daily chart down trend.

S&P 500 still trending up. Time to buy?

Weekly chart first. The market has returned to the main up trend channel, but is still trending up, as it remains within the steeper up trend channel.

Daily chart zooms in on the steeper up trend channel from the previous chart. Time to buy? I can't answer that question for you. What's your plan? But for what it's worth, a close above the nearby down trend lines would indicate a possible resumption of the uptrend.