Tuesday October 13, 2009 - 12:32:15 GMT
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December Gold Posts New All-Time High
December Gold posted a new all-time high overnight when the
U.S. Dollar weakened. Continue to expect
this market to push higher unless the Dollar mounts a dramatic turnaround.
Equity markets are trading slightly better in the
premarket. Traders are anticipating
volatility today as earnings season begins to heat up. Key reports from Johnson and Johnson before
the market and Intel after the close should have strong effects on the
markets. Traders are going to want to
see increased earnings driven by better revenue.
Investors drove the markets to a new high for the year
yesterday on thin volume. When big
traders return to the markets today, they may not want to pay up for
stocks. This could lead to early session
weakness. In addition, the slew of
economic reports tomorrow may encourage some positioning evening late in the
Treasury futures are expected to open mixed. The December T-Bonds and T-Notes have felt
downside pressure since Fed Chairman Bernanke mentioned higher interest rates
and a tighter monetary policy late last week.
Traders are going to have to clear his comments out of their minds in
order for these markets to rally.
Otherwise it looks as if his comments have helped put in a short-term
top. The charts indicate the T-Bonds
could break all the way back to 118â€™00 before attracting selling interest.
December Crude Oil could see more support today based on the
stronger Euro and weaker Dollar.
Short-term supply and demand factors are still bearish, but speculative
traders are beginning to price in the start of an economic recovery.
The U.S. Dollar is trading weaker. The December Euro is expected to open higher
despite a weaker German consumer confidence number. The trend turned down in the December British
Pound overnight when this currency pair broke through 1.5853. This action also helped form a new swing top
at 1.6117. Buyers near the last swing bottom
at 1.1065 are preventing the December Japanese Yen from changing the trend to
down. The current buying pressure could
drive this market up to 1.1214 to 1.1250.
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