GLD USD (O87) Above is the weekly SPDR Gold ETF chart that I've sent to clients yesterday. The trend is supportive of a breakout with the higher high and higher low observed. In addition, the MACD, a momentum indicator consolidated for a good probability of a breakout towards USD130.
Showing posts from August, 2017
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Shanghai Sock Exchange Composite (SSEC) Significant break from the bullish Ascending Triangle pattern after close to 2 years of consolidation. 1st target set at 3,680 which is the confluence of the 261.80% Fibonacci projection and previous resistance set in late 2015. If strong momentum persist, we could see the index trading towards the 2nd resistance at 4,000 which is the confluence of 423.6% Fibonacci Projection and previous resistance created in mid 2015.
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STI Index Not Looking Good At The Moment STI has been trading in a up trend channel since late 2016. Momentum peaked as STI traded near resistance at 3,350-3,400, with MACD Indicator trades near previous high. What's significant this week is STI breaking below the support line. This provides technical reason that sellers are beginning to dominate the trading. If the bearish momentum persist, STI is projected to trade towards 3,100-3,120 which is a previous resistance turned support zone and also the 38.20% Fibonacci retracement level.