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Gold Review 11-8-06
By: Thomas Hartmann, Altavest Worldwide Trading, Inc.


-- Posted Wednesday, 8 November 2006 | Digg This ArticleDigg It!

December Gold:  Open= 621.5  High= 626.8   Low=617.8   Close= 618.3   Change: -9.4

Historical standards held true in the 2006 elections, swinging power towards the Democrats. 

 

In congressional races, Democrats picked up 27 seats in the House and 5 in the Senate, almost spot on to previous second mid-term elections.  Power in the Senate hangs between 50-50 or 49-51, depending on the outcome of the Virginia race.  Either way, the Republicans have taken a drubbing nationally.  To put into perspective, Republicans had lost only 9 seats in the House in the past twelve years.  What effect did this have on the gold market?

 

Very little, in terms of real impact.  In the short term, however, a bout of profiting taking led the way lower, starting with a gap lower on the open.  The elections have dominated the press for the past few days and a few more will be devoted to digesting this change.  During that time, expect gold to trade choppy and lower in a consolidative mode.

 

Gold is likely to continue its path higher, it’s just a matter of it correcting first or breaking solidly above $630.  The correction came first.  Weakness should be bought at this time.  Support at $620 proved too shallow, leaving $612 and $610 as support.  $600 could be the bottom of this range, giving the latest run up a 50% pullback. Resistance is seen at $620, $627, and $630.

    

Review charts on these markets here www.britefutures.com.  Remember that futures and options can be used for bullish or bearish positions; feel free to contact me to discuss trading strategies.  Each contract/option = 100 ounces, a $1 move in a futures contract = $100.

To open an account and receive trading recommendations on gold futures or options contracts (also stock indices, energies, currencies, etc.), or to use PaperTrader Online, contact us at info@altavest.com.  Visit www.altavest.com to request a Free Trading Kit.  Keep in mind that there is risk of loss in all trading.

 
Thank you,
 
Thomas Hartmann
Altavest Worldwide Trading, Inc.
800 994 9566 x109
949 488 0545 x109
Fax 949 488 7625
 

Risk Disclosure:

The risk of loss in trading commodity futures and options can be substantial. Before trading, you should carefully consider your financial position to determine if futures trading is appropriate. When trading futures and/or options, it is possible to lose the full balance of your account. It is also possible to lose more than your initial deposit when trading futures and/or granting/writing options. As a result, selling/writing "naked" options exposes the seller/writer to the possibility of margin calls and virtually unlimited risk. All funds committed should be purely risk capital. Past performance is no guarantee of future trading results.


-- Posted Wednesday, 8 November 2006 | Digg This Article






 



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