Comments:
Gold has seen extensive selling these past days after piercing its trend line, 20 day and 50 day MA’s. On Friday gold found extensive support at the 100-day MA. Key levels that must be watched are support (1087) and the 100-day MA. On the dollar chart, there may be a double top at play as indicated bellow. If the dollar top is confirmed, gold is likely to continue to rally off the 100-day MA and 1087 support level. The dollar is likely to sell off from the double top. For more charts and data go to www.fmxconnect.com
Daily Gold Chart:
Daily Dollar Index Chart:
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Note: The information presented, while from sources generally believed to be reliable, is not guaranteed and may not be complete. FMX | Connect makes no representations or warranties regarding the correctness of any opinions or information. Past results are not necessarily indicative of future results. Nothing in this report should be construed as a representation to buy or sell shares, futures or options, which contain considerable risks. For internal client distribution only. Any reproduction, re-transmission, or distribution of this report without permission is prohibited. Media correspondents or reporters may not quote any one page or section in its entirety and must attribute all quotes, ideas or concepts herein. Copyright FMX | Connect, ©2009-2010. All rights reserved
Disclosure: None
Gold has seen extensive selling these past days after piercing its trend line, 20 day and 50 day MA’s. On Friday gold found extensive support at the 100-day MA. Key levels that must be watched are support (1087) and the 100-day MA. On the dollar chart, there may be a double top at play as indicated bellow. If the dollar top is confirmed, gold is likely to continue to rally off the 100-day MA and 1087 support level. The dollar is likely to sell off from the double top. For more charts and data go to www.fmxconnect.com
Daily Gold Chart:
Daily Dollar Index Chart:
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Note: The information presented, while from sources generally believed to be reliable, is not guaranteed and may not be complete. FMX | Connect makes no representations or warranties regarding the correctness of any opinions or information. Past results are not necessarily indicative of future results. Nothing in this report should be construed as a representation to buy or sell shares, futures or options, which contain considerable risks. For internal client distribution only. Any reproduction, re-transmission, or distribution of this report without permission is prohibited. Media correspondents or reporters may not quote any one page or section in its entirety and must attribute all quotes, ideas or concepts herein. Copyright FMX | Connect, ©2009-2010. All rights reserved
Disclosure: None