Emini S&P tried a break above 2211/12 but topped half way to the next target of 2215/16.
Today’s Analysis (ES) – 1st Dec 2016 Updated at 11.05 pm on 30th Nov, 2016
Holding initial support at 2199~98 targets 2203~04 then the new all-time high at 2213~14. A break above 2216 targets 2219~20 then 2224~25.
Emini S&P negative candle yesterday is a short term warning in overbought conditions. This increases the chances of some profit taking in to the end of the week. Initial support is at 2199~98 but below here targets 2192 then support at 2189~88. The downside likely to be limited but further losses target quite good support at 2182~81.
Levels to watch: R3= 2214.00 | R2=2206.75 | R1= 2202.50 || S1= 2193.75 | S2=2189.75 |S3=2182.00
Gold trading sideways to ease oversold conditions. We hit the target & resistance at 1194/95 & topped exactly here.
I wrote: Failure to beat 1194/95 targets 1188/87 then minor support at 1185/84. The most important support of the week is 1173/72 & a good chance we will hold on a second test. A double bottom would be a short term buy signal. Longs need stops below 1168.
Today’s Analysis (GC) – 1st Dec 2016 Updated at 11:12 pm on 30th Nov, 2016 (Jan Contract)
A double bottom allows a recovery to 1185/86 perhaps as far as resistance at 1194/95. On a break higher look for 1202/1203. Above here we meet a selling opportunity at 1208/10. Try shorts with stops above 1214.
For the downside, Gold tests the most important support of the week at 1173/72. A double bottom would be a short term buy signal. Longs need stops below 1168. A break lower from here however is a sell signal & targets 1164/63 then 1157 & 1147/46.
Levels to watch: R3= 1188.7 | R2=1179.7 | R1= 1175.5 || S1= 1166.9 | S2=1162.7 |S3=1155.7