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Todays Outlook for Spot Gold
Wednesday, February 15, 2012
by Carol Harmer of Charmer Charts
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Taken from www.charmercharts.com Spot Gold: Gold had quite a narrow range yesterday, but is still holding onto some good support. We would look to still buy dips in this market, especially as we are beginning to turn positive on the daily charts...So we would like to see buyers in and for them to drive this higher with 1730/33 the immediate targeted area. We may well see some profit taking here...but declines would be correctionary and we are still
looking at 1705/04 to contain the downside. If after profit taking we hold 1718 we would take this as a sign of strength and look for Gold to break the 1733 area and continue upward moves with 1751/52 then as the short term objective. We would expect Gold to come under a little bit of pressure here...but we expect the uptrend to continue after correction and 1762/64 would be the likely objective.
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About the author
Carol Harmer has over 30 years experience of analysing and trading the world’s markets and is undoubtedly one of the most respected technical analysts in the world today.
Her 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. Carol is also one of the first T/A's from a bank to join the STA (The Society of Technical Analysts) in the mid 80's and has trained and worked with some of the UK’s leading technical analysts.
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.
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