Wifi Home Security

Thursday, October 7, 2010

Copper & Gold Charts RSI Indicators - Market Trend - RSI Overbought

Copper RSI daily indicator overbought  and weekly near overbought (RSI > 70% overbought). Volume dipping! Copper - consolidation market support at 3.6 (1st)/3.4 (2nd). Both weekly and daily charts below for reference. Commodity traders seem to be taking a break after a good profit! Consolidation will be healthy for equities or stocks in the short term.
Copper Daily Chart

Copper Weekly Chart

Gold RSI indicator overbought for both daily and weekly charts (RSI > 70%). Lower volume on buy and sell. Correction will kick in soon. Market correction support 1300/1250. Will resume upside after consolidation. Asians will continue to buy gold for new year festivals. Gold prices will resume higher high after higher low. Traders may sell gold (lock in profit) and buy on stocks or equities dip for upcoming P/L quarterly results. They will resume gold "collection" on dip after P/L...
Gold Daily Chart
Gold Weekly Chart
Above information for reference only. No one can predict Big Traders' next move (both commodity and stock market trend) except themselves!

No comments:

Post a Comment