December Gold is trading unchanged after
trading as much as $10 higher and $8 lower.Gold traders ran this market higher early in the session, most likely
because of the weakness in the British Pound.At this time the Dollar was strengthening.When the buying dried up, traders were quick
to take profits, sending it sharply lower for the day.Shorts couldnâ€™t break this market and the
market rallied back to unchanged.It
looks as if distribution is taking place when means a break to the
downside.Help from a stronger Dollar is
needed, however to trigger an acceleration to the downside.
The U.S. Dollar is trading higher against
most major currencies.The biggest loser
is the December British Pound which is under pressure because of a lower than
expected 3rd Quarter GDP number.The
December Euro has traded both sides of $1.50 while trying to establish support
there.Traders seem reluctant to get
aggressively long at the current level.Lower oil and equities is contributing to the weakness in the December
Stock traders are ignoring stellar earnings
results from Microsoft and selling this morning. The technical picture in the
December E-mini S&P 500 is beginning to look bearish.A close below 1082.00 today will form a
closing price reversal top which will be an indication of the start of a
possible 2 to 3 week break to at least 1056.75.
December Treasury Bonds and Treasury Notes
are trading weaker.Most of the pressure
has come from traders adjusting positions ahead of next weekâ€™s Treasury
auction.Traders expect investors to ask
for higher yields.The weaker equity
markets helped the Treasuries erase some of their earlier losses.A sharply lower break in the stock market
late in the day is likely to trigger a rally in the T-Bonds and T-Notes.
December Crude Oil is trading sideways to
lower.Weak equity markets are helping
to keep a lid on this market after an early attempt to break out over
$82.00.The short-term supply and demand
picture remains bearish, but speculators have been driving this market higher
because of the outlook of an improving global economy.Higher stocks and the lower Dollar have been
supportive which means a reversal in these trends will weaken crude oil.
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