Wednesday, May 15, 2013

May 15 - FKLI, FCPO & Gold

Hi All.

Since my post last Friday (May10), the following is observed:

On FKLI
- Bullish signal from Pin Bar on Friday bouncing off 1,760 support is validated by early week climb 
  on FKLI. 1,770-1,796.5 high recorded this morning, steep rise within 3days.
- Today saw a morning gap to 1,796.5 high, which quickly faded by mid-morning. Afternoon trading 
  saw price broke below yesterday's high of 1,789.5, rendered the morning gap as an Exhaustion 
  Gap, inviting sellers to push price down, which then forced buyers to liquidate their long positions.
- We may well see start of a down swing from here, as indicated by the Bearish Engulfing candle 
  formed on the daily, of which I reckoned should be WaveC of the retracement from May06 thrust 
  high of 1,834.5.
- Support should come in at 1,780 (hit today) | 1,770 | 1,755-60
  Resistance @ 1,785-90 | 1,795-1,800

FKLI - Exhaustion Gap at 1,796.5 & a close in Bearish Engulfing, Further Downside (May 15)

 >>>


On FCPO
- The 2,335 resistance continues to haunt buyers, even more so after Monday's false break to hit high
  of 2,341, before completely given in to sellers & saw price drop for three straight days to low of
  2,277 (today's low).
- Price has been respecting a ST downtrend line since dropping from 2,341 high, today's close at
  2,298 is exactly below that line. We shall see if tomorrow's price action will continue south along
  the downTL; or will it break above it & give the 2,325-2,335 resistance band another test.

FCPO - Failed 2,335 Resistance twice. Another potential test tomorrow to confirm near-term direction (May 15)

>>>

Gold's climb from 1,320 low has recently pivoted at 1,487, last seen trading around 1,395-1,400 region.
Price is officially retracing its climb from 1,320-1,487 currently. I marked a fibo retracement & is waiting to see if 1,385 (61.8% retracement) shall hold.
Recent rumors of potential earlier unwind of the Fed's QE4 program, on seemingly improving US economy, this has been putting more & more pressure on gold price. The strength in USD is also bearish to commodities priced in USD, including Gold.

GOLD - Retracing its 1,320-1,487 Climb (May15)



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