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Gold's Momentum Continues |
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By: Tyler Wood
February 1st, 2012
In early U.S. trading Wednesday, Gold prices hitting another fresh seven week high overnight. April gold futures prices are trading higher again and the bulls have near-term upside technical momentum. The market produced a technically bullish monthly high close on Tuesday, the last trading day of the month.
Technically over the near term, April gold futures bulls have had solid upside momentum as prices hit another fresh seven-week high overnight. As the U.S. dollar index is lower, April gold last traded up $11.60 at $1,752.10 an ounce. Spot gold was last quoted up $12.60 an ounce at $1,750.00. The market on Wednesday produced a steep four-week-old uptrend. Bulls’ next upside technical breakout objective is to produce a close above solid technical resistance at the December high of $1,769.70. Bears’ next near-term downside price objective is closing prices below psychological support at $1,700.00.
The Bald Eagle Survival Plan maintains a Long Mini Gold contract which was rolled to a Febuary contract. (Price Quotes OEC Data Feed)
Gold Chart
Best Wishes,
Tyler Wood
Alternative Investment Specialist
Google Voice: (786) 361-4415
Mobile: (617)-899-6745
Skype: tylerw
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An investment in futures contracts is speculative, involves a high degree of risk and is suitable only for persons who can assume the risk of loss in excess of their margin deposits. You should carefully consider whether futures trading is appropriate for you in light of your investment experience, trading objectives, financial resources, and other relevant circumstances. PAST PERFORMANCE IS NOT NECESSARILY INDICATIVE OF FUTURE RESULTS.
This is provided for informational purposes only. No statement in this blog should be construed as a recommendation to buy or sell a futures/options contract or to provide investment advice. The content provided has been obtained from sources deemed reliable but is not guaranteed as to accuracy and completeness.
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