November 16, 2011 (Wed)

• Gold closed down 1.0%.
• DMIs are weakly bearish, and the ADX line continues to fall.
• The 5-day EMA is now falling, and both the PPO and CCI are rolling over.
• Prices are now close to the 20-day EMA, which is at around 1747, which is close to the horizontal 1750 support area.
• Trade for Thursday: None; one can go short and follow the falling 5-day EMA, but then one would have to contend with the rising 20-day EMA, which will act as support, at least initially.  Therefore, it is better to hold off until a clearer sense of direction is established with the 20-day EMA.