These are questions traders are asking themselves as we are halfway through the trading day.
It would appear that the downward momentum in the equity markets has for the moment abated and we expect to see more of a two-way market. But that does not change the overall longer-term trend which we still see as bearish.
The same can be said for the gold market which traded over the $1,900 level, before dropping dramatically and creating what potentially could be a negative engulfing line for the gold and silver markets. If this is confirmed on Wednesday it would mean for the short term that gold prices have topped out, and the $2000 level for gold will have to put on hold for the time being.
The crude oil market continues to be in a negative trend in the 2 other markets the dollar index and the CRB index are in a generally sideways mode.
It would appear that the downward momentum in the equity markets has for the moment abated and we expect to see more of a two-way market. But that does not change the overall longer-term trend which we still see as bearish.
The same can be said for the gold market which traded over the $1,900 level, before dropping dramatically and creating what potentially could be a negative engulfing line for the gold and silver markets. If this is confirmed on Wednesday it would mean for the short term that gold prices have topped out, and the $2000 level for gold will have to put on hold for the time being.
The crude oil market continues to be in a negative trend in the 2 other markets the dollar index and the CRB index are in a generally sideways mode.
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