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| Feb 01, 2007 12:58 am |
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Metals surge to post new yearly highs! |
| me4you
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Metals surge to post new yearly highs! April Gold futures posted a $7.70 increase to close at $657.90 at the Comex off a range of $647.50 to $660.30, low to high. Today’s action on the daily charts shows the April contract forming a bullish “outside-day-up” pattern, suggesting that higher highs are likely. Bulls can point to the higher crude prices, coupled with the day’s dollar weakness, as the reason for the rally.
Today’s close of $657.90 is the highest of the year, as the market sets its sights on taking out the yearly high of $661. Gold basis April has support at $650, followed by today's low of $642 and the 20-day moving average of $631.50. March Silver followed the course of the yellow metal by gaining 19 ˝ cents to settle at $13.57, off a range of $13.28 to $13.70 for the session. Like Gold, today’s $13.57 closing price is the highest in 2007, with the $13.70 high on the day also being the high for the year to date. Today’s gains set up a test of $14 in coming sessions. Momentum on the daily charts shows sideways to higher trading as most probable. Continued dollar weakness and higher energy prices will help Silver bulls in their assault on the psychologically significant $14. Beyond $14 rests the $14.37 high made in early December. The March contract enjoys support at the $13.50 level, followed by this week’s low of $13.23. Carl Christensen, XPRESSTRADE Analyst.
U.S. stocks received a shot in the arm today from Big Ben as his comments suggested the economy was expanding at a healthy pace. Bernanke also forecasted moderating inflation and stabilizing in the housing market. After the statement was released, March Dow futures made new all time highs reaching 12689 on strong volume. If non-farm payrolls weren't right around the corner, the gains might have been larger. This move has now punctured the January ceiling at 12665, which has been holding the market in place as of late. A close above this level would have signaled continued strength and possible run at 12719, 12752 resistances. However, the failure to close above this level may indicate more sideways action is in store. Support arrives for DJH07 at the December resistance at 12578. Below here the market tries to fight off weakness down to 12518. The March Dow Future closed at 12660 up 100 ticks. John Grigus XPRESSTRADE analyst.
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