For those who enjoy the previous days charts (not much to enjoy the past week or so)
Here is Thursdays XAO, gold, silver, copper and AUD for your viewing interest.
XAO daily weekly >>> http://www.imageurlhost.com/images/p...q_All-Ords.png
A test of the 200ema had been done today and bounce upward. I would hardly call it dark cloud or some engulfing candle so I would treat such candle with caution still.
Many bounces has demonstrated some confidence in the spec end of town with many stocks but will this be short lived for a couple days or will the create a potential rally? Caution on the weekly shows W% heading south, RSI fallen below 50 and OBV making a recent low, so regardless of what potential gains could arise in the short term, keep your finger on the pulse, whilst in some trades.
Gold daily weekly >>> http://www.imageurlhost.com/images/5...hnlcl_Gold.png
Spot Gold (although yesterdays chart) has broken through the 13ema and is testing the Centre Bollinger Band and may even breakthrough the $1,500 level to test the 60ema which resides at $1,484.70 and without a bounce at that area the $1,455.50 level will offer oblique support failing the above mentioned declining targets.
MACD histogram has diverged and W%R is declined to a centre point, RSI is also declining and the Weekly chart also confirms the same movement so a Fall in Gold is imminent for the short term.
Silver daily weekly >>> http://www.imageurlhost.com/images/q...tji_Silver.png
Hi Ho Silver is becoming OH NO Silver and seems set to test the bottom Bollinger band level which resides at $37.21 which failing that it should test both the 90ema and the oblique rising support line at approximately $36.00
MACD, W%R, RSI shows negative signals as does the weekly chart confirms partial moves downards but RSI on the weekly still remains strong at 59.8 yet also falling downward.
Silver has run pretty hard and is taking a breather as mentioned in previous posts elsewhere regarding the metal.
Copper daily weekly >>> http://www.imageurlhost.com/images/w...bxh_Copper.png
Copper is slumbering in a downward channel which seems to briefly bounce off of a declining oblique channel line to test the upper declining 13ema yet whilst falling seems destined to test the 200ema close to $4.0559
The daily and weekly indicators which currently are moving close to parallel seem set to offer a potential or eventual readiness for a gradual move upwards.
When this happens it can happen quite fast as we have seen with silver. Suddenly world facts and figures start changing and then becomes flavour of the month or quarter again and then technically attracts the many who thus create the rally supported by any ready favourable news flowing out to support such an upward surprising leap.
Good time to buy copper sold off? or Wait for the starting gun/signal? Who knows, each to their own positions and exposure.
AU Dollar daily weekly >>> http://www.imageurlhost.com/images/b...vh4_Dollar.png
As also previously mentioned, (see Tricha we do get it right at times) and posted, silver topped out at $1.10 and then become sold off and now is tested $1.07 which also now has broken down to test the rising Oblique support line $1.06x which also happens to be the centre bollinger band.
MACD signal line is about to cross over and move downward as has the MACD histogram. W%R is moving downward towards the midzone and RSI although still strong at 57 is also moving downward to test the centre 50 line.
The weekly chart also shows the recent previous top and much of the indicators also show the same but anticipated movement downward, hence I stick with my previous call from late last week regarding a target destination of $1.05x as an approximation.
Well, thats a quick wrap for a Thursday night folks. Good on the brave ones who made moves on what could be seen as a reversal in many stocks, yet IMO keep your wits and at this precise moment in time without becoming too complacent.
Cheers :)