Today's outlook for Gold and Crude Oil futures
Thursday, September 02, 2010
by Carol Harmer of Charmer Charts
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Gold stalled at 1256 and came back to 1245. The bias however is looking to the topside and if we can bust back above 1250 then we can trade higher and reach the 1254/56 resistance once more.
This region will be quite critical today, as if we cannot make a move above here the emphasis will remain to the downside and we would then see weakness follow with another assault on the 1244/39 region.
Buyers are expected to come in on dips to here, and they will hold unless we break below 1237. Above 1256 and we have scope to challenge the highs of 1270.
WTI Oil exceeded expectations yesterday, breaking 7357 and coming higher to 7448. The stronger tone has continued this morning with 7360 being the overnight lows. Unless we see a loss of 7357 we should expect the market to edge higher with 7448 once more in the frame.
Sellers are likely to be waiting here. They should hold unless we see a break above 7454. If we do see a break above here look for the buyers to run with this towards 7485 then 7517.
Back below 7357 and we see a small top which would lead us lower once more for 7220/15.
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.
