For the ninth time in eleven sessions, the August gold contract failed to decisively move above the $940 level, setting a hard resistance level.If bears give up control of this level, a major move in gold could be seen as it would appear that the next real upside objective would be to break the $1,000 level. From a purely technical perspective, a move down to $894 cannot be ruled out, but the US dollar index appears to be ready to roll over on the charts and take out the June 2 lows.
Again, today, traders saw a tight connection between the US dollar and gold. Previously supportive markets like crude oil and stocks, both posted gains today but could not push gold into positive territory.It will be interesting to see how the US dollar moves compared to the stock markets as we head into the 2nd quarter earning reports soon. It is plausible that if the earnings are weaker than expected, a slide in stocks could help support the dollar, as seen previously.
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 attom@altavest.com. Visit www.altavest.com to request a FreeTrading Kit. Keep in mind that there is risk of loss in all trading.
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