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Gold Review 11-9-06
By: Thomas Hartmann, Altavest Worldwide Trading, Inc.


-- Posted Thursday, 9 November 2006 | Digg This ArticleDigg It!

December Gold:  Open= 623.3  High= 637.0   Low=623.0   Close= 636.8   Change: +18.5

Two days after the election and the gold market has moved on.  After a bout of profit taking in the hours after the election and the uncertainty that followed, solid support was found under the market waiting to buy weakness.  Support at $619, the 200 day moving average, provided enough technical support as well.  However, a flurry of stories dominated the press today.

 

Dollar weakness lent its weight to pushing the dollar higher as the markets reacting to Democrats gaining full control of Congress.  At least that is one way to view it.  Also, gold production in the world’s largest producer of gold, South Africa, fell over 5% on the year in September, countering previous talk of higher gold production for the year globally.  While long term gold production does look to increase through large reserves in Russia (in hard to mine regions) the short term forecasts of central bank gold buying is likely to remain a dominant bullish force for the coming years.

 

Though gold largely has broken the relationship with crude oil, nothing was said that higher oil prices would not support the market.  It’s just that gold was not weakening when crude did.  So, a small correction came first but the race through $630 was just as fast, leaving many traders grasping at air.  $650 is the next objective, though the recovery zone could be as high as $670. Support moves up to $630, $627, $625, $620. Resistance is seen at $637, $640, and $647.

    

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 Thursday, 9 November 2006 | Digg This Article






 



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