-- Posted Tuesday, 23 June 2009 | Digg This Article
| | Source: GoldSeek.com
Aug Gold: Open= 922.5 High= 927.4 Low= 913.2 Last= 926.3 +5.3
The US dollar fell apart today, giving away all of yesterday’s gains and then some. This allowed a few commodity markets to rebound from horrid losses a day ago, though the action was not widespread. Gold prices managed a tepid rejection below the $915 level but only managed to close up $5.00 per ounce. Crude oil and gasoline did rally early in the session though those gains were pared back in the afternoon.
The lack of sustained upward movement in commodities, despite a much weaker dollar, may signal that the market is concerned with the health of the equity markets and economic outlook.
Though closing in positive territory today, gold bears might just have the edge coming into tomorrow morning. In order to break the downward trend, gold needs to close above $933 to regain some momentum.
Today’s probe of the $915 level has reached the 68.1% Fibonacci retracement level, a significant level for many technical traders. A retest of lows made at $870 is possible if the market fails to hold support near today’s lows. Tomorrow’s Fed statement could help swing the currency markets out of their current consolidation patterns, and gold traders should be looking for statements about inflation and economic growth. Interest rates are unlikely to change.
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.
Thank you,
Thomas Hartmann
Altavest Worldwide Trading, Inc.
800 994 9566 x109
949 488 0545 x109
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tom@altavest.com
www.altavest.com
-- Posted Tuesday, 23 June 2009 | Digg This Article | Source: GoldSeek.com
