Tuesday, April 19, 2011

GOLD and S&P UPDATE

June S&P
The June contract filled the gap that was made between the Feb 18th high and the Feb 22nd initial decline of the last swing. The ADX signaled a possible momentum high on April 6th.

60* Support is at 1296 (current level)
45* Support is at 1273
Swing Low = 1240.50

JUNE GOLD
The potential for the Three Peaks and Domed Top still exists. If this formation is actually coming to fruition the market is in the process of forming point 23. (the ultimate high before a steep decline) If the market continues to rally the chances of the TP&DH being formed diminish rather quickly. Until that is made obvious it is prudent to continue to monitor the daily action. The 1450 level is very important. If 1450 is broken the bearish action will become much more aggressive.

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