17 Oct Thursday View

Finally it is over, well, at least for now.

Price at the moment is trading above its pivot for today and is trading higher with higher lows and supporting trend line from 15^th Oct. Bigger time frame charts and technicals are Bearish though.

Price is currently trading at a very important level, at 30800 (USD 1277.39), technically for both Bulls and Bears. Important for the Bulls in the meaning that this level is 23.6 % Fib level of 38302 (USD 1588.52) to 28463 (USD 1180.46), looking at the price movements for past couple of days, well, of course there was this huge thing going on at the Washington, there hasn’t been much movement and if accumulation takes place and price pushes further high, there really is a chance for further gain technically but being the government shutdown and the debt ceiling crisis been solved at least for now there really isn't any fundamental to support this view as of now, unless something unfolds itself in coming days. And this may be good for Bears, they might have both technical and fundamental advantages in their favor. So, break of 30700 (USD 1273.24) level may push the price further down to may be newer lows. We've got to wait and see how markets react in coming days.

One thing I and am sure lots of people out there really appreciate and give full credit to is the way financial market reacted during this period of crisis, they definitely kept it very calm during a situation like this. Well, this may not sound that big but anyone who has even a small in global chain of financial market would understand its vastitude.