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Today's outlook for Gold & Wti Crude.
Wednesday, September 08, 2010
by Carol Harmer of Charmer Charts
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Gold has reached 1260 and we are overbought. Now as yet there is no topping pattern, so we look to the weekly highs of 1266 and the Dec highs of 1270 to entice.
However the one negative point is the overbought conditions on the charts. Therefore we would look for a break of 1260 before adding to longs at this point. If we fail to break 1260 then we are looking at a little retracement before we go higher.
Support is at 1256/54. If we lose 1254 we should see further corrective pressure, leading to 1249/47. Buyers are expected in at this point and we should carry on higher.
Now if we break 1260, as stated we should then trade higher to resistance between 1266 and 1270 where profit taking is expected. Oil came lower but bounced off 7263 quite nicely and headed higher once more. Currently we are back below 7400 and to maintain strength we do need to break and hold above this point. If we can do this then we are looking at the market coming higher for 7460. If above 7465 we should see a little more upside with 7552/58 the targeted area. Now if we hold below 7400we are going to go back and test the lows once more. Buyers are expected in the 7265/60 region and only if we lose 7255 would sellers come back into the market looking for 7220/15 then 7153/48.
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About the author
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.
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