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Gold Review for 12-7-06
By: Thomas Hartmann, Altavest Worldwide Trading, Inc.


-- Posted Thursday, 7 December 2006 | Digg This ArticleDigg It!

February Gold:  Open= 635.8  High= 637.5   Low= 629.4   Close= 637.0   Change: +1.1

Spill over selling from Wednesday carried into this morning’s session, with gold prices pressed against the 200 day moving average around $630 per ounce.  A little bounce in the dollar helped put pressure on bulls.  Surprisingly, the European Central Banks rate hike barely went noticed by the currency and gold market, perhaps the move already factored in.  Late in the session though selling stop and shorts covered.  Tomorrow’s unemployment report will lend its influence to market direction when its announced at 8:30am EST. 

 

A positive reaction by the USD could send gold bears hunting for lower lows around $623.  A negative reaction could buoy gold prices back up above $640 and possible retest $650.  Today’s price action successfully tested the trend line, dating back to lows made in October.  A break of that trend line could cause a deeper pullback in the market.  Silver also tested the same two month old trend line, closing 42 cents off the overnight low (bulls will try to hold the gap in the daily chart, from 13.40 to 13.60).

 

Solid technical action today gives bulls a slight edge heading into tomorrow though position squaring ahead of tomorrow’s report is not quite reason enough to be uber bullish.  Much will hinge of the unemployment report.  While the health of the US economy and the strength of the dollar are under pressure from many angles, strong dollar advocates have not rolled over.  One good jobs report won’t cure its ills, but might be cause enough for a rebound in the dollar and a correction in gold prices.

 

A close above $640 and then $650 are the next upside objectives, though the longer term objectives lay between $670 and $700.  Support comes in at 630.4, 629, and 625.  Resistance is seen at 640, 643, and 645.

   

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, 7 December 2006 | Digg This Article






 



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