Gold futures managed to post a small rally today after yesterday’s slide, though there was not much enthusiasm during today’s trading session. The trade tried to rally hard but ran into resistance around 930.0.
No inflationary news surfaced today; rather a host of perhaps negative news put a damper on many markets. April housing starts hit a record low, since the inception in 1959, to around 450,000, sinking well below expectations. On top of that lackluster news, Congress passed credit card reform legislation which will likely tighten the credit market and pass on costs to responsible users of the cards.To cap off the day, the Obama Administration has come to terms with the automakers to raise fuel-efficiency standards at a faster pace and federally regulate auto emissions. It is undisputed that these measures will like raise the cost of a car by some $1,300 by 2016.
As a whole, nothing that happened today would hint at inflation.Despite that, gold manage to hold up well but the technical picture did not improve much with a simple inside day on the charts. The inability to hold near the highs of the day may suggest that lower prices may be needed to encourage more people to jump into the market.
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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