The US economy was doing well, all indications....Bernanke today
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mines,gold,silver,oil,gazz,coal,prices,market,asia,europa,america,africa
all indications show that hiring’s are up, unemployment is slowly falling, and Recovery is on track. In Europe both Greece and Portugal, have been handled. Spain and Italy are no longer looking as problematic as they were a few weeks ago.
Investors are no longer in need to a safety net. It was time to venture out to find riskier assets.
Gold is trading at 1637.25 down 56.95 joining most of the commodities trading lower today.
Gold should find a bit of support around the 1625 level, but will most likely break through, especially if there is a strong jobs report on Thursday.
Fed Chairman Bernanke today said again that the pace of the economic recovery has been “frustratingly slow.”
Don’t worry if you missed this trade there will be other chances.
Gold Pivot Points (Time Frame: 1 Day)
| Name | S3 | S2 | S1 | Pivot | R1 | R2 | R3 |
|---|---|---|---|---|---|---|---|
| Classic | 1616.60 | 1625.35 | 1635.00 | 1643.75 | 1653.40 | 1662.15 | 1671.80 |
| Fibonacci | 1625.35 | 1632.38 | 1636.72 | 1643.75 | 1650.78 | 1655.12 | 1662.15 |
| Camarilla | 1639.59 | 1641.28 | 1642.96 | 1643.75 | 1646.34 | 1648.02 | 1649.71 |
| Woodie's | - | 1625.58 | 1635.45 | 1643.98 | 1653.85 | 1662.38 | - |
| DeMark's | - | - | 1648.58 | 1641.34 | 1630.18 | - |
