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gold

Bobbys Corner-Open Market-March.11.2011

bob-slade-forex-2-150x200Good Morning:

This morning (2:46 PM local time in Japan) an earthquake hit the island nation.  The earthquake registered 8.9 on the Richter scale.  This is the largest ever recorded in Japan, and the sixth largest on record.  It is too early to tell the exact damage and costs that the earthquake will have.  There is a tsnuami warning in the Pacific rim-including Hawaii.

Now to the markets:

Bobbys Corner-Open Market-March.10.2011

bob-slade-forex-trading-5-150x200Good Morning:

Moody’s downgraded Spain from Aa2 to Aa1-with a negative outlook. 

  • Cites concerns over sustainability of Spanish govt finances
  • Sees background of only moderate Spanish growth short-medium term
  • Spain still has high vulnerability to market disruption
  • Total cost of bank restructuring likely around 40-50 blnAs expected the Bank of England left interest rates unchanged.

    World equity markets were and are lower-as are US Futures.

Gold tests recent ceiling resistance and finds some provit taking selling.

fxdd-pic-2153

Gold last night tested trendline support and the 200 hour MA (green line in the chart above). This was too good to pass up for traders and the market rotated back to the upside. The mideast tensions keep gold supported as a safe haven currency.  The next level to get thorugh would be the 1436.75 to 1437 area. This has been a ceiling high for Gold over the last 48 hours of trading. A move above this level would be positive/bullish confirmation for Gold.

Bobbys Corner-Open Market-March.9.2011

bob-slade-forex-2-150x200Good Morning:

The Euro garnered some support after reports that the ECB has stepped in to buy Greek and Portuguese bonds to calm the jittery markets-this is after the yield on the Portuguese bonds rose..  The unemployment rate in Greece moved up to 14.8% from 13.9% in November , another sign that the periphery economies in the EU are still under pressure. There were also rumors that the ECB has been sniffing around and checking rates on Irish bonds as well.  

Bobbys Corner-Open Market-March.8.2011

bob-slade-forex-trading-8-150x200Good Morning:

Continued sovereign debt concerns pushed the single currency lower in overnight trading.  Bonds from the most indebted countries in the EU declined versus their German counterparts.  The markets are nervous that the members of the EU will not agree to a comprehensive debt crisis solution anytime soon.  Leaders from the region are expected to meet again later this month to try and tackle the debt issues.
Oil traded lower, and the Swiss Franc lost some ground, as investors demand for the currency as a safe have waned.

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