The Technical Traders View on Gold, SPX and Financial
It was a non stop sell off last week in equities as the SP500 sold down 4 days straight with a small move up on Friday. While investors were cashing out of stocks, we saw that money move into the big shiny yellow safe haven - Gold.
I have put together a short video showing you how I see the market and what I think is likely to happen this week for gold, stocks and financials. But here are my Cole's Notes version in case you cannot view the video.
Gold:
- Long term trend is up and I am currently long gold but feel a sharp correction could happen any day.
- Price/Volume action on gold is bearish short term
- We took some money off the table on Friday into the strength
- I am protecting my long position using a stop around the $1240 area
- I still like gold and hope it rallies, but if it turns around I will be in cash until the correction is over.
SP500:
- SP500 is currently oversold after its 4 day sell off
- This index is trading deep into a support level
- Financial sector and GS (Goldman Sachs) tend to lead the market and they performed well on Friday.
- I feel the SP500 index is due for a solid 2-3% bounce and possibly a 4-6% rally
Watch My Video for More Detailed Analysis and Price Levels - http://www.thegoldandoilguy.com/articles/sunday-june-27th-gold-spx-video/
If you would like to get my detailed trading analysis and trading signals please visit my website: www.TheGoldAndOilGuy.com
Tweet
Author: Chris Vermeulen
Chris Vermeulen
TheGoldAndOilGuy.com
Chris Vermeulen is Founder of the popular trading site TheGoldAndOilGuy.com. There he shares his highly successful, low-risk trading method. For 6 years Chris has been a leader in teaching others to skillfully trade in gold, oil, and silver in both bull and bear markets. Subscribers to his service depend on Chris' uniquely consistent investment opportunities that carry exceptionally low risk and high return. Reach Chris at: Chris@theGoildAndOilGuy.com
This article is intended solely for information purposes. The opinions are those of the author only. Please conduct further research and consult your financial advisor before making any investment/trading decision. No responsibility can be accepted for losses that may result as a consequence of trading on the basis of this analysis.
Copyright 2008-2013 © Chris Vermeulen
Circle Us