{"id":14802,"date":"2012-06-18T16:28:01","date_gmt":"2012-06-18T20:28:01","guid":{"rendered":"http:\/\/www.ino.com\/blog\/?p=14802"},"modified":"2012-06-18T16:28:01","modified_gmt":"2012-06-18T20:28:01","slug":"chart-of-the-week-gold-4","status":"publish","type":"post","link":"https:\/\/wwwtest.ino.com\/blog\/2012\/06\/chart-of-the-week-gold-4\/","title":{"rendered":"Chart of the Week - Gold"},"content":{"rendered":"<p><a href=\"http:\/\/www.ino.com\/blog\/wp-content\/uploads\/2008\/05\/images-3.jpg\"><img loading=\"lazy\" decoding=\"async\" class=\"alignleft size-full wp-image-448\" title=\"gold bars\" src=\"\/\/www.ino.com\/blog\/wp-content\/uploads\/2008\/05\/images-3.jpg\" alt=\"\" width=\"123\" height=\"96\" \/><\/a>Each week <a href=\"http:\/\/www.longleaftrading.com\/\" target=\"_blank\">Longleaftrading.com<\/a> will be providing us a chart of the week as analyzed by a member of their team. We hope that you enjoy and learn from this new feature.<\/p>\n<p>After completing a solid week of gains, the August Gold futures awaited the outcome of elections in Greece. Sunday night brought positive news early after the Greek vote was finalized, but the euphoria wore off quickly following news in Spain regarding high borrowing costs and bad loans that plague the future of the Spanish economy. Traders were buyers in most sectors early in the overnight session, then heavy sellers as we near the open of the US equity markets. The US Dollar and the Euro have already traded in very wide ranges over the last few hours.<!--more--><\/p>\n<p>Now that the Greek vote has passed, traders will look for clues this week from Los Cabos, Mexico where representatives from the G20 summit are in session to discuss the European issues that have affected the market so heavily over the last few months. Additionally, the US Fed will meet this week and deliver a policy statement that some traders hope will hint to some form of easing.<\/p>\n<p>Gold traders that have defended long positions or added to their long positions last week are hoping for supportive language from the G20 Summit coupled with US Fed participation to keep Gold underpinned.<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter\" src=\"\/img\/sites\/ino\/email\/4569.jpg\" alt=\"\" width=\"622\" height=\"470\" \/><\/p>\n<p>The chart above shows the daily chart of August Gold futures. I pointed out the Gold\u2019s recovery last week after a two thirds retracement from the $1642 high. A good sign for Gold came three trading days ago when it closed above the overhead resistance trendline (in blue) that had been Gold Bugs nemesis for months. In early May and early June, the futures closed above the same line, but only for one day before sinking below again the very next day. Closing above this trendline for multiple days is a good start for technical traders that are bullish, but I believe they will be much more comfortable if prices can carve out a new high and close above $1642 an ounce.<\/p>\n<p>I also pointed out that last night\u2019s selloff ran into firm support at the same trendline that was once resistance. You can see that today\u2019s low never broke the line and indicates that Gold prices are still poised to continue last week\u2019s rally. Until the Gold prices close below this proverbial \u201cline in the sand\u201d, I believe traders will continue to hold long positions and or buy pullbacks. This will not be an easy trade for Gold buyers if the Euro maintains this type of weakness and drives the US Dollar higher, but this week\u2019s news can provide the catalyst that will bring Sunday night\u2019s early euphoria back to the trade.<\/p>\n<p>Overall, I still believe that the market will see higher Gold prices throughout this year. My bias is based more on the fact that global economic woes coupled with massive amounts of new currencies being printed around the world, should provide \u201cflight to safety\u201d traders enough reasons to maintain bullish positions in Gold. On a day to day basis, especially over the next week or two, we should expect continued volatility as the world awaits very important global economic news. Once this news is final, I expect a more predictable trade.<\/p>\n<p>If you have any questions or comments, please feel free to contact me directly at my office email <a href=\"mailto:bb****@lo*************.com\" data-original-string=\"T30aDYmoUQotSmHsBAlNhePh\/2ZanTnC85IzWO+WJvk=\" title=\"This contact has been encoded by Anti-Spam by CleanTalk. Click to decode. To finish the decoding make sure that JavaScript is enabled in your browser.\"><span \n                data-original-string=\"T30aDYmoUQotSmHsBAlNhePh\/2ZanTnC85IzWO+WJvk=\"\n                class=\"apbct-email-encoder\"\n                title=\"This contact has been encoded by Anti-Spam by CleanTalk. Click to decode. To finish the decoding make sure that JavaScript is enabled in your browser.\"><br \/>\n        <span class=\"apbct-ee-blur-group\"><br \/>\n            <span class=\"apbct-ee-blur_email-text\">bb****@lo*************.com<\/span><br \/>\n            <span class=\"apbct-ee-static-blur\"><br \/>\n                <span class=\"apbct-ee-blur apbct-ee-blur_rectangle-init\"><\/span><br \/>\n                <span class=\"apbct-ee-blur apbct-ee-blur_rectangle-soft\"><\/span><br \/>\n                <span class=\"apbct-ee-blur apbct-ee-blur_rectangle-hard\"><\/span><br \/>\n            <\/span><br \/>\n            <span class=\"apbct-ee-animate-blur\"><br \/>\n                <span class=\"apbct-ee-blur apbct-ee-blur_rectangle-init apbct-ee-blur_animate-init\"><\/span><br \/>\n                <span class=\"apbct-ee-blur apbct-ee-blur_rectangle-soft apbct-ee-blur_animate-soft \"><\/span><br \/>\n                <span class=\"apbct-ee-blur apbct-ee-blur_rectangle-hard apbct-ee-blur_animate-hard\"><\/span><br \/>\n            <\/span><br \/>\n        <\/span><br \/>\n<\/span><\/a> or by phone at (888) 272-6926. I will be happy to hear from you.<\/p>\n<p>Thank you for your interest,<\/p>\n<p>Brian Booth<\/p>\n<p>Senior Market Strategist<\/p>\n<p><a href=\"mailto:bb****@lo*************.com\" data-original-string=\"T30aDYmoUQotSmHsBAlNhePh\/2ZanTnC85IzWO+WJvk=\" title=\"This contact has been encoded by Anti-Spam by CleanTalk. Click to decode. To finish the decoding make sure that JavaScript is enabled in your browser.\"><span \n                data-original-string=\"T30aDYmoUQotSmHsBAlNhePh\/2ZanTnC85IzWO+WJvk=\"\n                class=\"apbct-email-encoder\"\n                title=\"This contact has been encoded by Anti-Spam by CleanTalk. Click to decode. To finish the decoding make sure that JavaScript is enabled in your browser.\"><br \/>\n        <span class=\"apbct-ee-blur-group\"><br \/>\n            <span class=\"apbct-ee-blur_email-text\">bb****@lo*************.com<\/span><br \/>\n            <span class=\"apbct-ee-static-blur\"><br \/>\n                <span class=\"apbct-ee-blur apbct-ee-blur_rectangle-init\"><\/span><br \/>\n                <span class=\"apbct-ee-blur apbct-ee-blur_rectangle-soft\"><\/span><br \/>\n                <span class=\"apbct-ee-blur apbct-ee-blur_rectangle-hard\"><\/span><br \/>\n            <\/span><br \/>\n            <span class=\"apbct-ee-animate-blur\"><br \/>\n                <span class=\"apbct-ee-blur apbct-ee-blur_rectangle-init apbct-ee-blur_animate-init\"><\/span><br \/>\n                <span class=\"apbct-ee-blur apbct-ee-blur_rectangle-soft apbct-ee-blur_animate-soft \"><\/span><br \/>\n                <span class=\"apbct-ee-blur apbct-ee-blur_rectangle-hard apbct-ee-blur_animate-hard\"><\/span><br \/>\n            <\/span><br \/>\n        <\/span><br \/>\n<\/span><\/a><\/p>\n<p>888.272.6926<\/p>\n<!-- AddThis Advanced Settings generic via filter on the_content --><!-- AddThis Share Buttons generic via filter on the_content -->","protected":false},"excerpt":{"rendered":"<p>Each week Longleaftrading.com will be providing us a chart of the week as analyzed by a member of their team. We hope that you enjoy and learn from this new feature. After completing a solid week of gains, the August Gold futures awaited the outcome of elections in Greece. Sunday night brought positive news early [&hellip;]<!-- AddThis Advanced Settings generic via filter on get_the_excerpt --><!-- AddThis Share Buttons generic via filter on get_the_excerpt --><\/p>\n","protected":false},"author":41,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[4300,4298,23,4299],"class_list":["post-14802","post","type-post","status-publish","format-standard","hentry","category-general","tag-brian-booth","tag-chart-of-the-week","tag-gold","tag-longleaftrading-com"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v23.6) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Chart of the Week - Gold - INO.com Trader&#039;s Blog<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.ino.com\/blog\/2012\/06\/chart-of-the-week-gold-4\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Chart of the Week - Gold - INO.com Trader&#039;s Blog\" \/>\n<meta property=\"og:description\" content=\"Each week Longleaftrading.com will be providing us a chart of the week as analyzed by a member of their team. 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