Technical Talk: Daily update (Tuesday, June 14, 2011) – time to buy gold & silver?
Adam Hewison, charting strategist of INO.TV, brings you another edition of his invaluable service of daily technical updates on the ups and downs of various markets. This short analysis is a great tool for keeping one’s finger on the pulse and timing the markets.
Click the image below to hear his latest views on gold , silver, the US Dollar Index, the CRB Index, crude oil and the S&P 500 Index. Also, click here to have an instant analysis of any ticker symbol in your portfolio performed by INO.
Here is a summary of Adam’s latest views:
• SP 500: -60. This market remains in a broad trading range with resistance coming in 1,296, 1,305 and finally 1,315 which represents a 62% Fibonacci retracement. Major downside support is at 1,250.
• Silver:-60. Currently this market is oversold, however it is in a state of flux with no clear trend. Using the Donchian Channels and the fact that this market is oversold, I expect to see a bounce from current levels. Major support at $34.00.
• Gold: +55. Gold is currently oversold and we expect to see some further sideways action. The Donchian channel comes in at 1,503. Major support at $1,500.
• Crude Oil: -60. Trading range. Long-term indicator remains positive. Support coming in at $96/barrel. Market is currently oversold. Choppy market.
• US Dollar Index: -85. The longer-term and mid-term Trade Triangles remain in a negative position. Resistance now at 75.00 and 76.50. Minor support at 73.50; major support at 73.00.
• CRB Commodity Index: +55. Near-term resistance at 350. Minor support at 340; major support at 335. Trading range.
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Source: INO.TV, June 14, 2011.
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