Sorry!! The article you are trying to read is not available now.
Thank you very much;
you're only a step away from
downloading your reports.

Two Ways: Gold Keeps Shining


Strengthen your portfolio in good times and bad.

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


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.

< Previous
  • 1
Next >
Position in GDX

The information on this website solely reflects the analysis of or opinion about the performance of securities and financial markets by the writers whose articles appear on the site. The views expressed by the writers are not necessarily the views of Minyanville Media, Inc. or members of its management. Nothing contained on the website is intended to constitute a recommendation or advice addressed to an individual investor or category of investors to purchase, sell or hold any security, or to take any action with respect to the prospective movement of the securities markets or to solicit the purchase or sale of any security. Any investment decisions must be made by the reader either individually or in consultation with his or her investment professional. Minyanville writers and staff may trade or hold positions in securities that are discussed in articles appearing on the website. Writers of articles are required to disclose whether they have a position in any stock or fund discussed in an article, but are not permitted to disclose the size or direction of the position. Nothing on this website is intended to solicit business of any kind for a writer's business or fund. Minyanville management and staff as well as contributing writers will not respond to emails or other communications requesting investment advice.

Copyright 2011 Minyanville Media, Inc. All Rights Reserved.

Featured Videos