GOLD TRADES $11.70 LOWER TODAY.......
DURING A VERY CHOPPY TRADING SESSION IT APPEARED MANY TRADERS SAT ON THE SIDE-LINES TODAY AWAITING WORD FROM THE FOMC. THE DAY SESSION CLOSED $11.70 LOWER, BUT AT 1:15 CST. THE FOMC REPORTED ANOTHER 1/4 POINT RATE CUT CAUSING THE GOLD TO RALLY HARD AND POSITIVE AT THIS PUBLICATION. I HAD THOGHT THEY WOULD CUT 1/2 POINT AFTER A "THIS SHOULD BE THE LAST CUT "/ MISSION ACCOMPLISHED DEMEANOR.AS I HAVE STATED THE ECONOMY CAN NOT BE QUICK FIXED....IT WILL RUN IT'S COURSE.......THIS TRADE HAS BEEN AS CLEAR AS MUD! FOR A SPREADER / SWING TRADER LIKE MYSELF YOU LOOK FOR CERTAIN TECHNICAL POINTS TO ALIGN BEFORE ENTERING THE MARKET. AFTER THE THE DAY SESSION I WANTED TO BUY GOLD....HOWEVER THE CRUDE OIL WAS AN AVALANCHE SELL AND THE GOLD WAS STEADILY RISING..... THEY ARE BOTH :ANTI" DOLLAR....IF I HAVE LEARNED ANYTHING IN THE PAST FEW WEEKS...."DO NOT IGNORE THE CRUDE OIL SELL-OFFS" THE GOLD HAS BEEN BREAKING HARD WITH THE CRUDE. EXCEPT TODAY AFTER THE CLOSE................. HIGH...................877.50 LOW.............864.70 CLOSE.....865.10.............. MY SWING NUMBERS FOR MAY 1............ RESISTANCE #2...........................882.00 RESISTANCE #1...........................873.50 PIVOT........................869.00........... SUPPORT #1................................860.50 SUPPORT #2................................856.00 TRADE SMART....OPEN AN ACCOUNT WITH ME.....888-282-2770 WE WILL GET THEM TOMORROW !!!!!!!!!! |