Possible Further Weakness For Gold, Platinum Fails To Break Out
Candy Matheson | Feb 21, 2013 12:14AM ET
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.
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