Today's outlook for Gold and Crude Oil futures
Wednesday, September 01, 2010
by Carol Harmer of Charmer Charts
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Gold - December Contract
We held 1233 and this prompted buyers to come out in force driving us higher for 1251. Overnight we have edged higher to 1252.9 and we do have good resistance at the 1254/55 region and do think that we need a correction first before this resistance can break.
We have support at 1247. If then we lose 1245 we should come lower with 1239 the first target. Sellers are advised to cover shorts to here. Buyers may well appear hoping to keep upward momentum going and as long as we hold onto 1239 this should occur. Below 1239 sees another assault on 1234/33 which is where buyers would be expected once more.
WTI Crude - October Contract
Oil came lower yesterday reaching 7153. Currently we are seeing a correction and we have just hit the short term 25% fib level of 7254. If we can hold below this resistance we can once more trade lower with 7076 looking once more to be your targeted area. Buyers are expected to be waiting here and sellers therefore would be expected to cover all shorts to these lower levels. Seller will only go back into the market if we can break this support. If we can we should be able to come lower with 6950.20 then targeted.
Now if we break 7257 we should be able to come higher to the 50% fib of 7356 where we would once more expect sellers to come back into the market.
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.
