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Stronger Dollar Pressures Gold Futures

Discussion in 'Forex Daily News & Outlook' started by futuretrends24, Jul 29, 2009.

  1. futuretrends24

    futuretrends24 New Member

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    Today’s sample of Futures Analysis from FuturesHound.com


    The stronger U.S. Dollar is putting pressure on December Gold this morning. The weak action comes on the heels of a closing price reversal top from two days ago. The short-term range is 907.60 to 962.70. Based on this range the first downside target is 935.20 to 928.70. Today’s low at 927.60 tested the low end of the range. Regaining this area could trigger a short-covering rally.

    Yesterday’s closing price reversal top in September Silver was confirmed with a breakdown under 13.58. The first objective was met today at 13.26. Additional selling pressure may break this market to 13.07.

    Overnight the Shanghai Composite Index dropped 5%. This put pressure on U.S. equity markets from the opening. After finding resistance at 50% of the week’s range at 974.00, the September E-mini S&P 500 is now poised to retest the low of the week at 964.00.

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

    Disclaimer: Trading on 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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