Sunday Evening - Markets are up initially in overnight trading. Bearish news has been released over the weekend which we will discuss on tomorrow's show.
On Friday's show we bought 675 for a 2 point gain and 672 for a 3 point gain.
Spot gold respected support at $900, rallying above short-term resistance at $920 and breaking out of its trend channel to signal reversal of the recent down-trend. The short-term target is $940; calculated as 920 + ( 920 - 900 ). Retracement that respects the new support level at $920 would confirm the up-trend, offering a medium-term target of $1000. Failure of support at $900 is now unlikely, but would warn of a test of $700. In the long term, breakout above $1000 would offer a target of $1200; calculated as 900 + ( 1000 - 700 ) from the large descending broadening wedge over the last 12 months.
(From the Diary of Colin Twiggs)
Futures & Options Broker