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gold

Bobbys Corner-Open Market-Feb.1.2011

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

Welcome to February.  We will see what the groundhog says tomorrow. 

We start the day with news out of Egypt-protesters started to gather in Cairo’s Tahir Square as they prepare for today’s million people march.  The Egyptian military has promised not to fire on marchers, and the newly appointed Vice President is open to starting a dialogue with the opposition.
News that S&P also lowered Egypt’s credit rating was no surprise to investors.

Bobbys Corner-Open Market-Jan.31.2011

bob-slade-forex-trading-4-150x200Good Morning:

We wake up this morning with the situation in Egypt very much on the forefront of all world news events.
Moody’s Investors Service downgraded Egyptian government debt, which was highly anticipated.  The outlook is negative, and Egyptian debt sales have been put on hold.  Egypt’s banks and stock market were closed for the second day-as tens of thousands take to the street for the 6th day of protests against President Mubarak.
Risk is off the table for now-as investors pursue safety.

Gold finds technical selling levels as the end of week approaches

Gold finds technical selling levels as the end of week approaches. The key levels to eye now include 1338 and the 100 hour MA at the 1330 level. On the topside, the 200 hour MA at the 1344.50 level and the double top (yesterday and today at 1347). Above that 1352 = 38.2% of the 2011 trading range.

Gold approaching daily level of support

XAU/USD has been looking bearish the last fourtrading sessions. However, by looking at a daily chart, there seems to be some support around 1326.00. The 38.2% fibo of move up from 1156.85 to 1430.87 lies at 1326.20. Also during the move up back in October and November this level was tested several times to the downside and held up.If the pair does hold a move back to 1352.00 (100 day M/A) is probably in the cards. A break below should send GOLD down to 1295.00- 1300.00 level, just in front of the 50% fibo at 1293.86. The former appears more likely.

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Bobbys Corner-Open Market-Jan.24.2011

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

USD strengthened as profit takers took center stage in the first session of the week.  Improved earnings reports also aided the USD.  This weeks data which includes durable goods, consumer confidence, and US growth will hopefully show that the US economic recovery is finally showing signs of recovery. Speculation is that the positive data that is expected will be dollar positive for the markets.

Asian equity markets were mixed, European markets are lower-and US Futres are slightly higher at this time.

Bobbys Corner-Open Market-Jan.21.2011

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

We awaken to another snowy day in New York.

In a choppy overnight session the Euro picked up some steam on the heels of better than expected German business confidence.  The IFO data was also the highest level reported since Germany was reunified in 1991. Better than expected earnings from General Electric and Google also helped lift the single currency, as did the continued optimism that the EU will find a long term solution to the sovereign debt issues that have plagued the region.

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