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Futures Market Technical and Fundamental Recap

Discussion in 'Forex Daily News & Outlook' started by futuretrends24, Jun 23, 2009.

  1. futuretrends24

    futuretrends24 New Member

    Apr 30, 2009
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    Today's Futures Analysis summary

    September Copper futures led the metals complex lower on Monday as the higher U.S. Dollar curtailed demand for commodities. A forecast by the World Bank for an extended recession also contributed to the decline. Despite the sell-off the trend remains up as this market held on to old bottoms at 1.9790 and 1.9025. This market did however break through an important retracement zone at 2.2210 to 2.1639 to signal further weakness.

    August Gold continued its almost month long decline as it failed to find buyers at a 50% price at 929.80. The next downside target is the Fib retracement price at 915.10. A new main top has been formed at 944.00. There is no inflation at this time to support higher gold prices and a recently released report by the World Bank calls for the global recession to deepen.

    The lack of buyers and a weaker U.S. Dollar helped drive September Silver prices lower on Monday. Without any inflationary news on the horizon, money is not flowing in the precious metals at this time. Position liquidation is dominating the trade. Technically, this market entered a major retracement zone. Look for resistance to develop at the top of the range at 14.04. A break through 13.52 could accelerate the down move even further.

    December Corn continued its sell-off led by both favorable weather and a rising Dollar. Timely and abundant rainfall has helped improve the crop. The stronger Dollar is making U.S. corn expensive. Both of these factors should continue to pressure this market although technical factors are indicating oversold conditions as well as major support at the 3.90 ½ area.

    By FuturesHound.com the portal for Analysis, Education and exclusive timely market Gann Analysis .

    Disclaimer: Trading Futures on the margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to trade foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore should not invest money that you cannot afford to lose.

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