Gold traded up about $15 per ounce today. With the H1N1 Influenza A (aka swine flu) panic subsiding, pending home sales up 3.2%, the US dollar slightly lower, and commodity prices higher, gold bulls appear to have all their ducks lined up in a row and are pushing prices back up towards the trend-line. It did not hurt things either when Warren Buffet, over the weekend, mentioned that high inflation is in the making.
June futures prices for gold are back to the trend-line and buyers should be waiting nervously to see whether today's strength holds and carries into tomorrow. The correction in gold could be over if prices can get back over the last high, made on April 27, with resistance found between $915-$920.
Since the short-term trend in gold is down, and still can be defined as a correction, bulls ought to wait for confirmation of strength before getting long. Near term support comes in at $900. A break below the double-bottom at $865 would suggest a leg down towards the $820 level.
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 our online paper trading service BriteTrak, contact me at tom@altavest.com. Visit www.altavest.com to request a Free Trading Kit. Keep in mind that there is risk of loss in all trading.
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