Digging for Gold
By: Hector GalvanOctober 31st, 2011 11:26AM CDT
Good Morning! The equities markets are trading lower and the dollar higher this morning after another large Japanese currency intervention. However, as I watch the gold trade lower, but not break below the 1700 mark in the December contract I am reminded to buy it on breaks. One would argue that as long as we can hold above the 1700 mark having a long gold position would be the prudent investment. We still have a week full of reports that can easily sway the dollar lower and boost the gold right back up to last weeks 1750 mark.
December '11 Gold Daily Chart (GGCZ)
DTN
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Hector Galvan
Senior Commodities Broker
After earning a bachelor's degree from the University of Illinois at Urbana-Champaign, Hector was encouraged by a relative at the Chicago Board of Trade to get involved in futures. Prior to RJO Futures, he was a broker at Lind-Waldock from 2002-2004. He is experienced in short-, medium- and long-term chart analysis, and uses his knowledge in moving averages, oscillators, market sentiments, money management, and pivot profits to assist clients. His advisory background includes Hightower, Helms, G.... Read More
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