Open interest moves to February and First Notice doom approaches on Thursday for December gold.The big news event for Monday was actually took place on Friday, when the New York markets were closed for the Thanksgiving holiday.The dollar slid hard Friday and enabled Dec gold prices to forge a solid close above $630.Due to the holiday the market opened higher today with a gap in the charts but remained fairly quiet after the open.
Energy prices supported the move higher, with crude up over a dollar.Bears are unable to press the market too much lower at this time with many uncertainties ahead, such as another OPEC production cut, approaching winter, and supply problems in Nigeria.The products, gasoline and heating oil, appear to be in the process of forming a bottom on the charts, which could drag crude prices higher.Odds are we’ll see $68 crude before $50.A rally into winter wouldn’t be surprising at this time.
Holding back the yellow metal was a nasty drop in the equities this morning.Black Friday began the holiday shopping season with less than expected sales figures.While still robust, disappointed bulls pulled profits and the market sank.Economic growth has been a supportive factor with gold, thus limited a push higher today.Fortunately, gold bulls aren’t relying on a single theme at this time, as quiet buying buoys the market.
$654 is the next upside objective, though the longer term objectives lay between $670 and $700.
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 atinfo@altavest.com. Visit www.altavest.com to request a FreeTrading Kit. Keep in mind that there is risk of loss in all trading.
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.
The content on this site is protected
by U.S. and international copyright laws and is the property of GoldSeek.com
and/or the providers of the content under license. By "content" we mean any
information, mode of expression, or other materials and services found on GoldSeek.com.
This includes editorials, news, our writings, graphics, and any and all other
features found on the site. Please contact
us for any further information.
Disclaimer
The views contained here may not represent the views of GoldSeek.com, its affiliates or advertisers. GoldSeek.com makes no representation, warranty or guarantee as to the accuracy
or completeness of the information (including news, editorials, prices, statistics,
analyses and the like) provided through its service. Any copying, reproduction
and/or redistribution of any of the documents, data, content or materials contained
on or within this website, without the express written consent of GoldSeek.com,
is strictly prohibited. In no event shall GoldSeek.com or its affiliates be
liable to any person for any decision made or action taken in reliance upon
the information provided herein.
OilSeek.com
