Wednesday, 18 January 2012

Gold.... Corn

Corn's ( Maize) having trouble going below 600.00 ( March12). I have been short but am becoming nervous and have closed my short ahead of the Chicago session. Stuck at 599 in the globex session and with multiple stochastics in multiple time frames indicating its very oversold. Perhaps a dip below and then a rally or will we go lower and touch the 580-590 area. Reaction line support is shown here in the Esignal charts. USDA report last week shows just how bearish supply/demand is but fundamentals apart there is a huge gap to be filled from last weeks limit down move....sometime soon we will see this move up.

Gold is still to break above 1670 and seems comfortable in this range with no big retracements as yet. Here are a set of reaction lines from a fork not seen here. I have highlighted the reaction lines in the second shot.

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