Mixed earnings results kept stocks mostly in-check today, leading to a rather quiet day in precious metals.Both gold and silver recovered from early losses overnight but could not muster much strength to test higher levels.Continued improvement in the economy is necessary to keep the bullish spin on gold.Downward spikes in initial jobless claims the past two weeks, coupled with an up-tick in the Ratio of the Coincident to Lagging Indicators has led Dennis Gartman to claim that the recession is over. He warns though, that it will be many, many months, if not a year, before the National Bureau of Economic Research issues such a statement.
Although August gold did not break through the thick layer of resistance at $940 the past three days, the positive action over the past few days and buying on weakness is making gold a cautious buy on dips with a tight stop below the 10-day moving average.Next week’s schedule of economic reports is very light, which puts earning’s reports front and center until Thursday’s initial jobless claim figure.
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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