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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 incase 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.

 

 http://robindayne.com/images/Chris/6-27/Gold1.jpg

 

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

http://robindayne.com/images/Chris/6-27/SPX2.jpg 

 

 

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

 

Chris Vermeulen

 

 
 

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