End of Day Technical Analysis Report for:
► GOLD: just before going away we were Long and got stopped out. Price has today bounced back and is looking strong again. We are however still within the recent range 1180-1220 and 1220 resistance is now joined by the 200 sma which makes the present level very significant indeed. If price can break above this we may see a stronger move to the upside. We will look to go Long if price does break and re-test the current level as support.
► SP500: the Index continues to hover around 2100. We continue to maintain that this sort of price action is the prelude to potentially a major correction. Slow grinding action to the upside and if new highs are made, they lack follow through. But when the market corrects, it does so more sharply. Longs should consider exiting this market.
► DAX: in our last STTS video on May 3rd we identified that this market had triggered a Head and Shoulders reversal pattern with a target of 10875. In our absence price retested the neckline as resistance and has since resumed to the downside. We hope our readers are Short. If so, look to exit partially at 10875 but maintain some Short exposure as this could be the start of a major correction.
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