Today's outlook for Gold
Thursday, October 01, 2009
by Carol Harmer of Technical Analysis Reports
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Gold bounced from 992 and came sharply higher, breaking 1002 for 1009/11. Now as this has held below 1013 resistance there is more scope for a move lower today. You are wanting to see this come back below 1002. Sellers would then take this as a sign of weakness and propel this lower for 998 initially, with greater potential for 990. Here sellers will be looking to cover. You will see buyers enter to here as well. Buyers will hold longs unless a break is posted below 985. Only below 985 will the market accelerate away, leading this lower still to 974.
Now if the market comes lower, but holds 1002 and stays around this support for a few hours, it would ease the overbought conditions of the short term charts and provoke a move back higher to the 1009 resistance Once more sellers will be evident to here. They will only look at reversing shorts if above 1013. If this occurs then look for 1017 to 1021 as your short term objective.
With a career spanning almost 30 years, Carol Harmer is undoubtedly one of the most respected and established technical analysts in the UK and is a founding member of the STA (The Society of Technical Analysts).
Carol’s career started in the early eighties, trading futures on the floor at LIFFE where she quickly discovered Technical Analysis as a way to maximise profits. She was one of the first traders on LIFFE to discover and study this form of analysis and quickly became widely recognised as an expert in its use as well as highly profitable.
This soon led to a position as Senior Technical Analyst for Midland Bank. She was later head hunted for the role of Manager of Technical Analysis for Nomura Bank and then as Head of Technical Trading at Credit Suisse.
In 1996 Carol launched 'Charmer Charts' to train independent traders in technical analysis and became the first person to provide daily forecasts for the established traders on the LIFFE floor.
She returned to the floor, trading her own account, advising traders throughout the day and continued her appearances on Bloomberg, CNBC and Reuters financial TV where she provided her valued, expert opinion on the direction of financial markets.
Carol has now established herself as an advisor and trader at a private hedge fund, whilst offering guidance and reliable information by way of her daily Technical Analysis reports to traders and financial institutions world-wide. Her 30 years of studying technical analysis ensures she is one of the most experienced in this field in the world today.
