Quantcast

Wednesday, August 17, 2016

Gold Review for Tuesday 6/30/09



June 30, 2009 by · Leave a Comment 

By: Thomas Hartmann, GoldSeek

For the tenth time in twelve sessions, the August gold contract failed to decisively close above the $940 level, setting a hard resistance level. Due to the firm resistance and the failure of the market today, from a purely technical perspective a move down to $894 cannot be ruled out. Though the US dollar index appears to be ready to roll over on the charts and take out the June 2 lows, weakness in the stock markets today and falling consumer confidence helped sour prices today, as the confidence reading fell to 49.3 from 54.8.

Again, today, traders saw a tight correction between the US dollar and gold. It will be interesting to see how the US dollar moves compared to the stock markets as we head into the 2nd quarter earning reports soon.

Read more….

Speak Your Mind

Tell us what you're thinking...
and oh, if you want a pic to show with your comment, go get a gravatar!