Hot-Charts
Gold's Downside Break
by
Apr 6, 2009 12:16
| 11 Comments

Golds break below 880 support (38% retracement of the rise from the Oct lows) has been partly brought about by the broadening of the equity market bouncesector rotation beyond health care and into technology and financials away from metals. Last weeks IMF announcement to allow gold sales for funding was also instrumental in accelerating golds retreat. A close below the 100-day MA of 878 should pave the way for the $855-860 territory, which is both the 200-DAY and 50-WEEK moving averages. A break below this level could start looking like the beginning of a Head&Shoulder.
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Ashraf
Do you see silver LT bull market? If so, where do you see it stopping at?
Thanks again,
Cappy
As for Gold, with 859 being the 200-day MA, i use the 840 support, which is just below the 50% retracement at 844.00.
Best
Ashraf
Ashraf
Cappy, I wrote a whole chapter (chapter 5) on risk appetite in my book. It is the only book that has a whole chapter on the topic, relating it to FX, equities and interest rates. Higher risk appetite usually means stocks are going up and yen and dollar are going down and vice versa.
Ashraf
Will that mean that it will not break the 1000 point as expected in end april?? Thanks.
Would you please define risk appetite? I can't find a definition for this so often used term anyway. Thanks!
Cappy
thanks!
CAD figures coming up (PMI an Buidling Permits at 15:00 GMT). Watch USDCAD breaking towards 1.2430 and 1.2470 later today from current 1.2380.
Ashraf