Chicago, Mar.5, best stock .- Each Week Lo
ngleaftrading.com will be providing us a chart of the week as analyzed by a member of their team. We hope that you enjoy and learn from this new feature.
Weekly Gold Report (March 4th through March 8th)
I don’t know about all of you, but if I never hear the term “sequester” for as long as I live, I will not complain!
As expected, the US Government did a fine job of hyping the event and waiting until the eleventh hour to make a decision. And as usual, no compromises were made and stock indexes barely flinched. In fact, most global markets seemed to be following scheduled news as if the “sequester” debate was not even an issue.
With that non-event behind us, the market moves ahead to a week with very few US numbers until the Non Farm Payrolls at the end of the week. We begin this week under a bit of pressure after China reported that it is taking steps to cool off a strong Real Estate Market. Traders will be looking ahead to Interest Rate Decisions from Australia, Canada, Great Britain, and the ECB. I highly doubt any major changes in Economic Policy, but it is important to follow these decisions in case there are any surprises that would affect the Currencies.
April Gold Futures had a peculiar five days of trading last week and still leave me recommending shorter term trade recommendations only. Take note of the four closes below the long term trendline (arrow #1). Price action like this usually signals further pressure on the market, but Gold Futures ignored the action and spent two days closing back above the tredline (arrow #2). We now begin this week below that same line again, and at the lower end of a $40 range.
Looking at this type of movement in Gold would suggest to me that the best way to trade the Gold Futures would be as a day or swing trader. Early technical indicators and a strong US Dollar suggest selling into rallies, until resistance levels are violated.
ngleaftrading.com will be providing us a chart of the week as analyzed by a member of their team. We hope that you enjoy and learn from this new feature.Weekly Gold Report (March 4th through March 8th)
I don’t know about all of you, but if I never hear the term “sequester” for as long as I live, I will not complain!
As expected, the US Government did a fine job of hyping the event and waiting until the eleventh hour to make a decision. And as usual, no compromises were made and stock indexes barely flinched. In fact, most global markets seemed to be following scheduled news as if the “sequester” debate was not even an issue.
With that non-event behind us, the market moves ahead to a week with very few US numbers until the Non Farm Payrolls at the end of the week. We begin this week under a bit of pressure after China reported that it is taking steps to cool off a strong Real Estate Market. Traders will be looking ahead to Interest Rate Decisions from Australia, Canada, Great Britain, and the ECB. I highly doubt any major changes in Economic Policy, but it is important to follow these decisions in case there are any surprises that would affect the Currencies.
April Gold Futures had a peculiar five days of trading last week and still leave me recommending shorter term trade recommendations only. Take note of the four closes below the long term trendline (arrow #1). Price action like this usually signals further pressure on the market, but Gold Futures ignored the action and spent two days closing back above the tredline (arrow #2). We now begin this week below that same line again, and at the lower end of a $40 range.
Looking at this type of movement in Gold would suggest to me that the best way to trade the Gold Futures would be as a day or swing trader. Early technical indicators and a strong US Dollar suggest selling into rallies, until resistance levels are violated.
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