Gold Market Recap: 26 September 2011
The Gold market seemed to exhaust its aggressive downward pattern today after seeing a massive early slide and a noted recovery attempt.
While some players suggested that concerns from global slowing from the EuroZone were reduced by hopes of a large bailout fund that was an entirely fresh approach and it is surprising that many markets bought into that line of thinking.
The Dec Gold contract did spend a large amount of time waffling around both sides of the 1,600 level but with a range today in excess of 130 oz, the short term trend might still be up for grabs.
With the US equity markets spending a moderate amount of time in the Green Monday the weakening of the Chicago Fed national activity index was probably discounted as evidence that the US economy continues to weaken.
Paul A. Ebeling, Jnr.
Paul A. Ebeling, Jnr
Paul A. Ebeling, Jnr. writes and publishes The Red Roadmaster's Technical Report on the US Major Market Indices, a weekly, highly-regarded financial market letter, read by opinion makers, business leaders and organizations around the world.
Paul A. Ebeling, Jnr has studied the global financial and stock markets since 1984, following a successful business career that included investment banking, and market and business analysis. He is a specialist in equities/commodities, and an accomplished chart reader who advises technicians with regard to Major Indices Resistance/Support Levels.