Today's interesting charts
David Fuller's view Use
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Gold
bullion was impressive today,
reversing an early sell-off and finishing at a new high. A close beneath $985
would now be required to delay an extension of this orderly two-month short-term
uptrend beyond a brief pause. However, gold has risen for eight
of the last nine weeks. Therefore the next down week could mark the beginning
of a reversion closer to the trend mean, represented by the rising 200-day moving
average.
Wheat
(CBT) has fallen
back to test the August reaction lows. An upward dynamic is required to
reaffirm support near current levels and to reduce the possibility of a further
decline towards the base formation.
Germany
(DAX) is ranging near its highs
since April and reaction lows mostly show a slight upward bias. A downward dynamic
on the weekly chart is now required to
indicate a retest of the rising MA and psychological 6000 level before a sustained
break above 6400 occurs, reaffirming the cyclical recovery.
USA
(SPX) has paused to consolidate
this month's impressive gains which have cleared the June to August highs, creating
a short-term overbought condition in the process. A break back beneath
the MA would now be required to delay this recovery beyond a brief pause
before a sustained push above 1150 reaffirms scope for at least a test of the
April high.