Friday, 14 August 2015

ASX 200 holds above short term trend channel support

Daily chart shows the ASX 200 holding above short term trend channel support. Includes all sessions trade. While support holds, expect a period of consolidation or rally. Keep a close eye on the S&P 500 which is trading close to key support, if it breaks lower, the ASX 200 will continue to surprise on the downside.

S&P 500 remains in up trend channel

The S&P 500 remains in an up trend channel. All sessions trade illustrated. The message of the chart is clear, be bullish while this week's low hold, and bearish below.

Gold testing support at previous resistance lines, taking early baby steps toward $1250+

Gold is testing trend line support at old resistance lines, at both 4 hour and daily timeframes. A good low risk entry point to get (more) long? That's up to you. What's your plan?  

4 hour chart first.

Daily chart next.

Weekly chart next. It was only last week that I was pretty much a lone voice calling for Gold to bottom. There are a few more short bullish voices now, but not enough to be concerned about the potential longevity of this rally, especially as most are looking to position in to short entries. $1250+ is the target first main target. There is resistance around $1150 to beat first.