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Two Ways: Gold Keeps Shining

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Strengthen your portfolio in good times and bad.

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Gold Continues to Shine

Gold futures continue to extend their gains this morning after breaking out of a three-month range yesterday. According to the Financial Times, the yellow metal pushed prices above significant resistance levels, triggering a wave of technical buying.

But even though physical demand has improved since the beginning of the year, jewelery demand remains low, particularly in India, the world's top consumer of gold. The latest figures from the Bombay Bullion Association show that imports rose in August from July, but were still down 90% compared with the same period a year earlier.

See Professor Przemyslaw Radomski's recent technical take in Gold, Silver Relationship Key to Profits.

From the Bull Pen: Consider that a number of traders are eyeing the $1000 mark for gold, and the path of maximum frustration could likely be for the yellow metal to shoot higher. Rangold (GOLD), Newmont Mining (NEM), or even the goldminers ETF (GDX) are among a number of options. Remember to set your sell stop according to your risk profile.

From the Bear Cave: Professor Fil Zucchi mentioned yesterday on the Buzz a potential DeMark Perfected Sell Setup appearing next week for gold. Those bearish can consider the Gold ETF (GLD). Watch the behavior near $100, and remember to keep those buy stops tight.

Quick Check Around the World

Asian trading closed with the Nikkei -0.64%, India -0.45%, Hang Seng 1.23%, Shanghai 4.79%, and Taiwan 0.92%.

Across the pond, we see the FTSE 0.06%, CAC 0.08%, DAX 0.20%

As of 8:15 a.m. EST, S&P Futures are trading +8.00 to 1002.50 and Nasdaq futures are +11.5 to 1604.25.

A Look at Commodities

Over in commodities, crude oil is +1.10 at 69.15 while gold is +9.20 at 987.60 this morning. Silver is +0.44 to 15.80 and copper +0.030 to 2.856.

The dollar index is -0.3000 to 78.1350.

On the Radar

Economics

08:30 Initial Jobless Claims 570k cons.
10:00 ISM Services 48.0 cons.

Click here for the full trading radar.

Good luck today!

Hoofy and Boo report on the "Mr T Gold Indicator", and have an unexpected guest.

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Position in GDX

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