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April Gold Surges to Major 50% Level

Discussion in 'Forex Daily News & Outlook' started by futuretrends24, Mar 2, 2010.

  1. futuretrends24

    futuretrends24 New Member

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    Today’s sample of Futures Analysis from FuturesHound.com

    The impending weaker Dollar helped to boost April Gold on Tuesday. The rally tested a major 50% price at $1136.75. Regaining this level will be a sign of strength and could trigger a further rally to $1158.50. The recent weakness in the British Pound and Euro has put gold at an all-time high in terms of these two currencies. This is a sign that traders have been diverting investment funds into gold as a hedge against currency market instability. Gold is set up for a big rally if the rising Euro drives the Dollar lower.

    U.S. equity markets finished higher, but the rally slowed down throughout the day due to the lack of fresh buyers. Strong overnight support led to a higher opening this morning, but the rally stalled shortly after the opening. Traders seemed to be waiting for a catalyst to take the markets to the next level. The lack of fresh economic news was partially to blame for the slow down in the trade. The other reason was uncertainty over whether a resolution will be reached between the European Union and Greece.

    June Treasury Bonds closed lower in light trading. Higher equity markets provided some of the downside pressure. After testing a key 50% resistance level at 117’23 earlier in the week, this market seems poised to correct back to 116’04 over the short-run. Volume could be light because of Friday’s U.S. Non-Farm Payrolls Report.

    Read full article at full article at FuturesHound.com as well as Futures Analysis, Futures Education and exclusive timely market Gann Analysis

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