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Note to International Traders

Jim Wyckoff's Hot Market
Jim Wyckoff's Hot Market

Thursday morning, July 2, 2009

Gold Trading Turns Choppy; Key Chart Levels Noted

Test text

Comex gold futures have seen trading action turn choppy recently, with prices closely tracking, in an inverse fashion, the direction of the U.S. dollar versus its major currency counterparts. August gold has backed well down from the June high of $992.10. Bears can argue that a four-week-old downtrend is in place on the daily chart. There are two key technical price levels gold futures traders need to closely monitor in the near term: strong chart support at the June low of $913.20 and strong chart resistance at the $950.00 level. The direction in which August gold futures prices move out of the trading range defined by those two key technical levels is very likely to be the next near-term price trend in the gold market. Importantly, the precious yellow metal will continue to be held hostage by price movements of the U.S. dollar. Serious weakness in the greenback would be bullish for gold, while solid price strength in the dollar would be bearish for gold prices. Stay tuned! Jim

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Do you want an "edge" in this fascinating business of trading futures

Stay tuned! Jim Wyckoff jim@jimwyckoff.com

(Analytical chart above is derived from FutureSource's WorkStation)

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