The plain medium-term Gold picture looks ripe for more consolidation. The Daily Exhaustion Summ. Index (lower Chart) has turned down and should go down some more way.
Base Case: more correction should be expected
Gold in Euros seems to be in a topping pattern with a diverging weekly Exh. Summ. Index. The price has been range bound. This top should be driven by Euro weakness.
The OptionFlow picture is neutral in PE (Prec. Metals which includes Silver). The C/P ratios (top left chart) are in a neutral state and could go both ways. The excesses in the CallFlows (bottom left) have been digested and the Option Premium seems to have come down (bottom right in blue & red). The structure of the OptionChain is still speculative (bottom right: green & top left blue) meaning lots of OTM option waiting for Volatility.....
No comments:
Post a Comment