This morning the United States Gasoline Fund(NYSE:UGA) is surging sharply higher. The UGA is trading higher this morning by 0.94 cents to $55.14 a share. The 52 week high for the UGA was made on May 2, 2011 at $56.00 a share. This level will still be a minor resistance area, therefore, short term traders should watch for intra-day resistance around this level.
The average price of gasoline in the United States is now $3.95 a gallon. We can only wonder when margin rates will increase for gasoline in order to drive the out the evil speculators. Maybe the high price of gasoline is caused by a weak U.S. Dollar. After all, the U.S. Dollar is trading lower this morning. It is important to remember that higher gasoline prices are a direct tax on the U.S. consumer.
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