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Gold waffles around in quiet Monday trading


Gold, is waffling around today but has moved below the 38.2% retracement of the move down from the January 2011 high of 1423.83 to the low at 1307.95. That level comes in at the 1352.22 level. On Friday the price approached the 100 day MA at the 1361 level today, and found sellers. If the price can remain below the 1352.22 area, the bias remains to the downside. If the price can not find sellers against the level, it is likely the price makes another run at testing the 100 day MA.

Bobbys Corner-Open Market-Feb.7.2011

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

Rising corporate earnings, reduced tension in Egypt, global growth growing faster than expected were all causes for the JPY to lose ground overnight-as investors seek higher-yielding assets.
Almost 2/3 of companies reported better than expected Q4 earnings.. India made comments that they expect their economy to grow the most in 3 years, while Indonesia’s economy grew at the fastest pace in 6 years.  Overall investors confidence grew after Egypt’s government met with opposition leaders to hopefully resolve the crisis.

Gold surges higher. Tests 1352.13 Retracement


There is no news or reason other than the topside trendline was broken at $1341.87 and stops were triggered.

On the daily chart the $1360 level is the 100 day MA. Keep this level in mind should the price continue to move higher.


Bobbys Corner-Open Market-Feb.3.2011

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

The USD gained overnight ahead of US data due out today (ISM), which is expected to show that the service sector has increased again, and tomorrows employment data which is expected to show an increase in hiring.
As expected the ECB left interest rates uncharged-and President Trichet will hold a press conference later this morning.
Cable had a good showing overnight with positive data on the UK’s service sectors, raising speculation that the BOE may have some room to raise interest rates later this year.

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