Tuesday, December 15, 2009
The stronger Dollar triggered a sharp sell-off in February Gold overnight. Despite the hard break, this market is still holding a key 50% level at $1107.40. A break of this level will
fuel a further decline to the November main bottom at $1102.60. Ultimately, this market should test uptrending Gann angle support at $1094.00. Watch for a technical bounce when this angle is
tested.
Despite the stronger Dollar and weak equity prices, March Crude Oil is holding yesterday’s low at 72.45. At this time, the market is hugging a .618 price level at 73.63. Regaining
this price will likely trigger a retracement to 75.53. Yesterday, OPEC did nothing to change the bearish supply/demand picture. Today’s industrial production report could help underpin this market
today.
Equity markets are trading flat to lower across the board. Investors have digested the Dubai news and are now waiting for another catalyst to drive these indices higher. Many traders
are choosing to remain flat ahead of tomorrow’s important Fed decision. Traders are reluctant to chase this market higher which means there …
