Monday April 12, 2010 - 18:46:43 GMT
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Forex Hound - www.forexhound.com
Equities, Gold continue to Rise while Dollar Weakens
The weaker Dollar is
helping to boost demand for higher yielding assets at the mid-session.
Traders are a little more risk friendly now that it appears that Greece
will receive much needed financial aid within days.
June Gold is
trading higher at midday because of increased demand and a weaker U.S.
Dollar. Bullish traders seem unfazed by the optimistic developments
over the Greece debt situation. Earlier in the week gold bugs were
buying the metal on speculation of a possible default by Greece.
Technically, this contract broke out over a key .618 retracement level
at $1159.50. Upside momentum is now indicating that $1180.00 is the
next upside target.
June Crude Oil is trading lower after
breaking an uptrending Gann angle at 85.77. Surprisingly this market is
trading lower despite a stronger Euro, weaker Dollar, higher gold and
equities. Traders may be looking at the true supply and demand
fundamentals which are indicating there is plenty of crude available.
Todayâ€™s break could be signaling the start of a break to a 50% level at
June Treasury Bonds are trading higher under volatile
conditions. Traders canâ€™t seem to make up their minds about the
direction of interest rates over the near-term. Demand is pushing
yields higher, but the Fed keep saying rates will remain low for a
prolonged period of time. Some traders feel that a break out in the Dow
over 11,000 will pressure T-Bonds. Demand for risky assets is likely to
keep upside pressure on yields.
U.S. equity markets made new
highs for the year, but upside momentum has been limited. Todayâ€™s rally
can best be described as labored. Once again the Dow is being repelled
by the psychological 11,000 barrier.
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