The recent strength we’ve seen in the spot Gold market continued today as the uptrend pushed higher. On August 20th a bullish pin bar setup formed which we discussed in our members’ commentary that day, indicating that price was holding the 8 day EMA dynamic support level. After we discussed this setup the market proceed to hover just above the 8 day EMA for the next two days, retracing to just over the pin bar’s 50% level yesterday before surging higher into the week’s close today. There is clearly still some ‘gas’ left in the tank of this recent rally in Gold, and next week we could potentially see it continue up into the key resistance near $1424.00 before the market rotates lower again.
View Fundamental Commentary & Upcoming Economic News ?Forex Commentary:
In the currency markets today, the U.S. dollar lost ground against some of the other majors on the back of a big drop in U.S. new home sales which worked to slightly lower expectations that the Federal Reserve will scale-back its bond-purchasing program in September.
The euro moved higher against the greenback today, moving up above $1.3400 after the U.S. housing data. Signs of a strengthening euro-zone economy have worked to keep the euro buoyant recently against the greenback.
The U.S. dollar did post a modest again on the British pound and New Zealand dollar despite modest losses to the other majors today.
Other Markets:
In the U.S. markets today, stocks moved higher in relatively quiet trading conditions. A rise in Microsoft shares led the market higher today.
The Dow added 46.77 points, or 0.31 percent, the S&P 500 added 6.54 points, or 0.39 percent, and the Nasdaq gained 19.08 points, or 0.52 percent.
Upcoming important economic announcements (New York time): 8/25/2013
6:45pm EST: New Zealand – Trade Balance
8/26/2013
8:30am EST: United States – Core Durable Goods Orders m/m
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