Couple of things to share ( SPI overnight development and Gold).

First of all safe and happy Easter to all friends and readers.

With SPI, are we seeing another FAKE-OUT or a GENUINE BREAKOUT ? Answer to this lies ahead to what happens over the next few trading days. Things can change so quickly which shows us the unrealibility of short term charting at the times that we are in. Even at best of times ( during a BULL RUN), these short term charts alone are unreliable, unless we incorporate multi-timeframe approach and determine important support as well as resistance levels, then drill things down with daily even hourly charts.

Overnight developments suggests an UPSIDE BREAKOUT or an EASTER BUNNY BREAKOUT unless proven otherwise ( FAKE-OUT). For this on this hourly chart we can now draw an UP TRENDLINE (which we could not up until now) shown in GREEN and use it as a measure of MOMENTUM. As long as the price action holds it’s head above it the UPSIDE BREAKOUT is treated as being GENUINE.See chart below which is courtesy of

To the precious metal now. Only a PnF chart with a BULLISH PRICE OBJECTIVE as shown going forward. All work ( calculations etc.) is shown on the 3 Box H/L chart.

Disclaimer All the information and analysis provided on this website is general in nature and for educational purposes only and does not constitute financial advice. No content in any way implies a recommendation to buy, sell, hold or short sell any financial instrument, nor is it financial advice. Investing and trading in financial markets carries considerable risk, and should always be done in consultation with a licensed financial adviser taking your personal circumstances, financial situation, objectives and needs into consideration. Links to other websites are inserted for convenience only and do not constitute endorsement of any of the material on those sites, or any associated organisation, product or service. Kazim Agaoglu is not responsible for the content of any site owned by a third party that may be linked to this website and such links are provided as a courtesy with no judgment or warranty being made concerning the suitability, accuracy or otherwise of the content on any such site. Kazim Agaoglu disclaims any undertakings, warranties or guarantees, express or implied and shall not be liable for any loss or damage whatsoever arising out of in connection with the use of or reliance upon any of the information on this website. The user accepts sole responsibility associated with the use of the material on this site, irrespective of the purpose for which such use or results are applied. The information on this website is no substitute for financial advice.

Comments are closed.