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gold

Bobbys Corner-Open Market-Aug.1.2011

Good Morning:

With no extra time to spare-Congressional leaders and the White House have agreed in principle to a new Debt-Limit deal.  Leaders will spend the day pushing this bill through their rank and file members.  The Congress expects to get this bill passed today-as the deadline is tomorrow August 2.
The greenback has been soft-even after the debt-limit deal had been announced.

Gold breaks support on hourly and scoots lower.

fxdd-pic-2771

Gold has moved below trendline support on the hourly chart and scooted lower (see chart above). The high for today’s trading remained both the 100 (blue line in the chart above) and the 200 bar Moving Averages (green line).  This kept the bears in charge. When trendline support was broken, the pair had only one way to go….down.

Gold tests 100 hour MA at 1541.80

Gold is up testing the 100 hour MA at the 1541.80 level.  A move above this level will next target 1545.27 then 1550.93. 

fxdd-pic-2662

If the MA holds look for a rotation back down to the 1538.82 to be support. If this level should hold, the bulls will be in control. IF broken, a further correction down should occur as the market continues its consolidation.

Bobbys Corner-Open Market-May.3.2011

bob-slade-forex-trading-3-150x200Good Morning:

Commodities dropped for the 2nd day, equity markets are lower, and the USD rallied a bit overnight.
1 year US  Treasury yields fell to a record low-and US Futures are lower at this time.

After yesterday’s early knee jerk reaction to the death of Osama bin Laden, the markets are settling back in as they assess the impact of the May 1 death.  

India’s central bank rose interest rates .5%, which is higher than expected, as they look to tame inflation.
Japan was closed overnight for a public holiday.

Bobbys Corner-Open Market-April.27.2011

bob-slade-forex-trading-6-150x200Good Morning:

Risk was back on center stage overnight-as Australian CPI data posted better than expected-pushing the Aussie through the 1.08 handle.
In the UK-GDP printed at .5%, which showed that the UK economy is fairly robust, even with their austerity measures and weak consumer sentiment.  The GBP rallied as many investors were anticipating weaker data.

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