Today's Outlook for Oil and Gold.
Monday, June 28, 2010
by Carol Harmer of Charmer Charts
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Gold has made a little double top on the hourly charts, leaving us liable to pullbacks early in the session. 1249/47 would be your first port of call. Sellers from 1259 are expected to cover to here. If we lose 1247 then we should be able to come lower for 1241/39 where once more buyers are expected to come in and defend this region. Only a loss of 1239 would make the short term uptrend look a little wobbly.
Now if we bust above 1259 we should be able to reach 1266 without too much trouble. Here there should be sellers coming back into the market. If they hold 1266 look for another correction lower. However if we break and hold above 1167 there is nothing much to hold us until 1280.
Friday saw Oil blitz higher, breaking above 7720 resistance reaching higher for 7940 overnight. We are a little overbought now on the topside suggesting we should come a little lower early in the session. 7795/85 would be a good retracement. Here sellers should be willing to cover all short positions.
Sellers will be looking to try and break 7785 but if the buyers stand fast and hold this region sellers will back away and leave buyers to take this back to 79.40 and possibly onto 7988/8000 once more. If we do lose 7785 then 7704 will be the targeted area. Once more buyers should come back into the market and this support should thus hold.
Carol Harmer has over 30 years experience of analysing and trading the world’s markets and is undoubtedly one of the most respected technical analysts in the world today.
Her career started in the early eighties, trading futures on the floor at LIFFE where she quickly discovered Technical Analysis as a way to maximise profits. She was one of the first traders on LIFFE to discover and study this form of analysis and quickly became widely recognised as an expert in its use as well as highly profitable.
This soon led to a position as Senior Technical Analyst for Midland Bank.
She was later head hunted for the role of Manager of Technical Analysis for Nomura Bank and then as Head of Technical Trading at Credit Suisse. Carol is also one of the first T/A's from a bank to join the STA (The Society of Technical Analysts) in the mid 80's and has trained and worked with some of the UK’s leading technical analysts.
In 1996 Carol launched 'Charmer Charts' to train independent traders in technical analysis and became the first person to provide daily forecasts for the established traders on the LIFFE floor.
She returned to the floor, trading her own account, advising traders throughout the day and continued her appearances on Bloomberg, CNBC and Reuters financial TV where she provided her valued, expert opinion on the direction of financial markets.
