Gold runs into 100 day MA

Gold has pushed even higher today after weaker data spurred on hopes for more QE. That tends to weaken the dollar and benefit gold.  However,


  • The 100 day MA at 1667.90 has stalled the rally today
  • The price has consolidated over the last 5 or so hour with support eyed at 1661.80 area where the 38.2%  of the last move higher is found (see 5 minute chart below). It is also where trendline resistance was broken on the daily chart (see chart above).  

So traders have a decision to make -
  • Take another shot at pushing above the 100 day MA (the last two times failied) or
  • Push the price below the support and continue to trade in the range. 
 It  seems like traders might defer that choice  until next weeks begins.  Keep these levels in mind.

Comments

Post a Comment

Popular posts from this blog

MPs say Rupert Murdoch unfit to run company

Image
Rupert Murdoch is not fit to run a major international company, MPs said on Tuesday, finding him ultimately responsible for the illegal phone hacking that has corroded his global media empire and damaged the political establishment. But it split along party lines, with members from Prime Minister David Cameron's Conservative Party voting against the report, saying they did not agree with its view that the Australian-born Murdoch was not fit to run a major company. Cameron is facing criticism ahead of local elections this week that he was too close to the media tycoon, who won government approval to take over British pay-TV operator BSkyB, before dropping the bid when the scandal broke. The report said there had been huge failures in corporate governance which raised questions about the competence of Rupert's 39-year-old son, James. "News International and its parent News Corporation exhibited wilful blindness, for which the companies' directors -includin
Read more

Clinton confronts dissident case ahead of China talks

Image
Secretary of State Hillary Clinton arrived in  China  on Wednesday for top-level talks that risk being upstaged by the fate of a blind dissident whose supporters say is under U.S. protection in Beijing after escaping house arrest. Washington has not even commented on the whereabouts of the dissident, legal activist Chen Guangcheng, whose plight has overshadowed the Strategic and Economic Dialogue due to begin on Thursday. The United States hopes the talks will encourage greater Chinese cooperation on trade as well over  Iran , Syria, North Korea and other international disputes. Chen's friends and supporters have said he is probably inside the fortress-like U.S. embassy in northeast Beijing. The official silence about his fate from both Washington and Beijing has shown their eagerness to contain friction over his case. Relations could easily go awry, especially with the ruling Communist Party wrestling with a leadership scandal and a looming power succession. "O
Read more

Facebook's IPO show to hit the road on May 7: source

Image
The roadshow for Facebook Inc's initial public offering is scheduled to start on Monday, meaning the company's shares should begin trading on May 18, a source familiar with the process said on Tuesday. Founder and CEO Mark Zuckerberg, who has mostly operated in the background during Facebook's closely watched journey to public markets, will be involved in the roadshow, another source said. Facebook declined to comment. Many on Wall Street had not expected Zuckerberg to turn up on the roadshow after he skipped a March analysts' meeting, ceding the stage to COO Sheryl Sandberg and CFO David Ebersman. His March absence irked some investors who were indignant that the CEO, while wielding near-absolute control over the eight-year-old firm, had snubbed Wall Street. IPO roadshows, in which company management presents its strategy to prospective investors, typically last one to two weeks. If the roadshow goes particularly well, shares sometimes start trading a
Read more