2010-10-27

Better then expected housing data helped the dollar recover and took the metal to a low

Market Commentary
Gold moved higher overnight on dollar weakness after G-20 officials vowed to refrain from competitive devaluation, leading us to an open of 1344.00/1345.00. Better then expected housing data helped the dollar recover and took the metal to a low of 1332.50/1333.50. A slow move higher for the remainder of the session took us to a close of 1338.25/1339.25.


Technical Commentary
Gold has started the week moving higher to current 1342. The metal tried last weeks bounce high of 1349 but the level held again. Fridays low near 1315 coincides with our two month trend line. We have been bearish Gold for the past week due to the reversal price action off 1387.
Buying interest came into the market toward our bullish trend line. 1355 is our important pivot. While below 1355 we believe there should be another test to the down side.

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