Slope of Hope Blog Posts
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1580 is pretty significant support for Gold. A break and hold below could send it down to 1500, as shown on the Weekly chart below.
By the way, a bearish (50 & 200) moving average "Death Cross" is forming today on the Daily timeframe, hinting at further weakness, unless it resolves itself soon.
Platinum failed to break out and hold above this large triangle and is swirling around its 5-Year Weekly Volume Profile POC. Further weakness could send it down to its confluence level of the 50 & 200 smas and lower triangle (note that we have a very recent bearish "Death Cross" formation on this timeframe, so price has not yet been resolved to the upside).
Further to my post of February 19th, price has fallen today on the Commodities ETF (DBC). We'll see if the 50 sma (red) holds on the Weekly timeframe at 27.66.
I'm also watching price action on the AUD/USD Forex pair as it swirls around its Weekly 50 sma before it breaks out of its trading range.
In conclusion, I'd say that Commodities, in general, are in "neutral territory," with a hint of further weakness waiting in the wings, and the Weekly 50 smas playing a role in either providing solid support, or giving way for this Sector and commodity currency (Aussie $) to weaken further.
My watch-list that I work off of for swing-trading short setups are getting… well… short
Simply because this market keeps going up and up, although painstakingly so. You don't seem to see the surges higher, but rather a market that is simply content on drifting higher. Nonetheless, there are quite a few gems that I like on this list so keep an eye out for them.
There are others that have already dropped and the ideal scenario is to wait for them to pop back up into resistance
My three favorite short swing-trade setups are:
EverBank Financial (EVER) – nice bear flag confirmation – breakdown looks great, right underneath the prior rising trend-line.
Actavis (ACT) has a great lookin' head and shoulders pattern that has yet to confirm. But below $83, you should be good to go.
Barrick Gold (ABX) Already broke below key support. I'd like to short this stock on a move back to somewhere near $33, and then ride it lower below $31 before covering.
Be sure to check out more of Ryan's swing-trading ideas at SharePlanner.com