Friday, November 11, 2011
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Gold futures may add to their recent gains in the week ahead, with favorable technical indicators underpinning the rally. Autochartist identified a breakout on the 30-minute chart which carries an upward bias from the current price. The projection is consistent with the overall trend higher after overcoming short term resist.Last week’s rising price action propelled gold out of a well-defined Triangle chart pattern, generating an Autochartist forecast target which has not yet been achieved. The pattern scores high across all of the internal readings, with solid Clarity and Initial Trend readings giving it an overall Quality ranking of 7 bars. Lacking in the momentum department however, the follow-through of the initial move has been noticeably weak. The initial breach of the top of resistance was met with modest selling pressure that caused a minor retracement back below the breakout point.
Gold futures may add to their recent gains in the week ahead, with favorable technical indicators underpinning the rally. Autochartist identified a breakout on the 30-minute chart which carries an upward bias from the current price. The projection is consistent with the overall trend higher after overcoming short term resist.Last week’s rising price action propelled gold out of a well-defined Triangle chart pattern, generating an Autochartist forecast target which has not yet been achieved. The pattern scores high across all of the internal readings, with solid Clarity and Initial Trend readings giving it an overall Quality ranking of 7 bars. Lacking in the momentum department however, the follow-through of the initial move has been noticeably weak. The initial breach of the top of resistance was met with modest selling pressure that caused a minor retracement back below the breakout point.
A resurgence of buying interest this week would confirm the rally and imply a move to the projected price range of $1,754 to $1,764 per ounce. If reached, a new trading range may develop at those levels. Failure for the market to push higher from Friday’s settlement would place the price back inside the Triangle chart pattern. This could result in one more test of support near $1,740 per ounce as the pattern continues to develop in a broader range.
Hypo Venture Capital Headlines : Commodities markets summary
http://hypoventurecapital-headlines.com/category/investment/
A summary of trading in key commodities markets overseas:
ENERGY
World oil prices fell Friday as investors took profits from bumper gains made during a week that saw the promise of a comprehensive plan to rescue the eurozone.
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New York’s main oil contract, light sweet crude for delivery in December, slipped 64 US cents to $US93.32 a barrel.
Brent North Sea crude for December lost $US2.17 to $US109.91.
The New York price was still well above the $US86.31 close of a week before, after encouraging news on growth in China and the United States, and Thursday’s EU pact, fed expectations of firm demand.
Brent though was only slightly higher than the previous Friday’s $US109.54 as the gap between the two benchmarks appeared to be narrowing.
Prices continued to benefit from the stronger euro, which rebounded sharply against the dollar this week with the news of the eurozone deal.
PRECIOUS METALS
Gold edged lower on profit taking a day after a deal to contain the euro zone debt crisis triggered a broad rise in equities and commodities, but gold posted its biggest weekly rise since January 2009.
Spot gold finished at $US1,743.10 per ounce, almost even with where it ended the previous session at $US1,743.95. It retreated from a one-month high of $US1,751.99 to spend most of the session modestly lower.
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