Today's outlook for Gold and Crude Oil futures
Friday, September 03, 2010
by Carol Harmer of Charmer Charts
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WTI Oil failed to come lower only reaching 7311, we pushed through on the topside coming to rest just prior the 75.17 resistance at 7514. Small retracement this morning, and if we hold 7450 we should break 7517 and carry on higher for 7585/90 to 7611. Sellers are expected here thus buyers would be prudent to cover.
Now if we lose 7450 there is scope for 7355 where once more buyers would be expected to enter.
Gold December Contract - We are holding up well, keeping the bias to the topside and if we can bust above 1250 then we can trade higher and reach the 1256 look for 1259 initially. 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 1259 and we have scope to challenge the highs of 1270.
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.
