Gold Review for 3/30/09 By: Thomas Hartmann, Altavest Worldwide Trading, Inc.
-- Posted Monday, 30 March 2009 | Digg This Article | Source: GoldSeek.com
April Gold: Open= 924.6 High=932.5 Low=908.6 Last= 916.5 -8.1
The overriding headline news story today, and driver of all things financial, was that the Obama Administration lays down the hammer on GM and Chrysler, saying that the restructuring plans for the two companies did not go far enough and the government will demand fresh concessions in order to get more taxpayer aid.This news had the stock markets down some 300 points nearly from the open and it only got worse.
GM head, Rick Wagoner, was forced aside yesterday, being replaced by Fritz Henderson, who later announced today that filing for bankruptcy might be the companies best option at this point. Chrysler quickly came to some sort of agreement with Italian automaker Fiat.The government was prepared to give Chrysler thirty days to come to terms with Fiat or be cut from an alliance, and well, they only need one once the umbilical cord was cut.The uncertainty regarding the viability of these companies caused weakness across almost every commodity sector today.
Gold was not spared from today’s events, despite a brief rally overnight, selling pressure increased throughout the session and the yellow metal trades lower after hours.Prices have once again fallen back below the trend-line and need to find some support tomorrow otherwise bulls should be prepared to see a deeper consolidation in the market.Until the dollar shows more weakness, gold and other commodities will have trouble sustaining rallies.
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.
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