19 June 2012

Gold Daily and Silver Weekly Charts - Pre-FOMC Action


Please notice that I have never attempted yet to put one of the arcing lines of support and resistance yet this year.

When I do, it will be because the chart has said something decisive. So far we are in what Hugo Salinas-Price calls the 'wiggle waggle.'

There was an obvious divergence from the usual pattern in stocks and gold today, most likely due to tomorrow's FOMC meeting.


SP 500 and NDX Futures Daily Charts


FOMC tomorrow.

Europe stills looms.



SP 500 September Futures Daily Chart Closeup



Today's action added some refinement to the daily SP 500 futures chart.

How this formation resolves, up or down, may depend on what happens in the next few days with regard to Europe and the Fed as you might expect.