Gold is Technically at an Important Juncture!
Tuesday, January 24, 2012. 9.35 a.m.
Last September gold topped out into what became an intermediate-term correction in which it broke beneath the important support at its 30-week moving average for the first time since 2008.
But in the correction it has twice become oversold short-term beneath its important short-term 30-day m.a. (next chart). And that resulted in two short-term oversold rallies, and the current rally has carried gold back up to its 30-week m.a. (top chart).
Will it be able to break back above the 30-week m.a. and have it become support again for gold’s bull market to continue?
The importance of the juncture at the 30-week m.a. can also be seen in the pattern of lower highs and lower lows on the short-term chart since the September high.
My apologies but I’m working on tomorrow’s mid-week markets update for subscribers and that’s all I have time for this morning.
To read my weekend newspaper column ‘The U.S. Recovery Is Producing Surprises’ Click here.
Subscribers to Street Smart Report: There is a hotline update from Saturday morning in the subscribers’ area of the Street Smart Report website, and the mid-week ‘Signals & Recommendations on the U.S. Market’ update will be on sometime tomorrow.
Yesterday in the U.S. Market.
The market closed mixed with only fractional changes yesterday.
The Dow closed down 11 points, or 0.1%. The S&P 500 closed up 0.1%. The NYSE Composite closed up 0.3%. The Nasdaq closed down 0.1%. The Nasdaq 100 closed up 0.1%. The Russell 2000 closed down 0.2%. The DJ Transportation Avg. closed down 0.8%. The DJ Utilities Avg closed up 0.3%.
Gold closed up $13 an ounce at $1,677 an ounce.
Oil closed up $1.56 a barrel at $99.58 a barrel.
The U.S. Dollar etf UUP closed down 0.6%.
The U.S. Treasury bond etf TLT closed down another 0.6%.
Yesterday in European Markets.
Markets in Europe closed up yesterday. The London FTSE closed up 0.9%. The German DAX closed up 0.5%. France closed up 0.5%.
Asian Markets Closed up Last Night.
Among individual markets:
Australia closed down 0.1%. China closed up 1.0%. Hong Kong closed up 0.8%. India closed up 1.5%. Indonesia closed up 0.2%. Japan closed up 0.2%. Malaysia closed up 0.4%. New Zealand closed down 0.8%. South Korea closed up 1.8%. Singapore closed up 1.4%. Taiwan closed up 0.2%. Thailand closed up 0.1%.
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In the Premium Content area this morning: U.S. market, short-term and intermediate-term.
Markets This Morning.
European markets are down this morning. The London FTSE is down 0.8%. Germany’s DAX is down 1.1%. France’s CAC is down 1.1%
Oil is down $0.40 a barrel at $99.18.
Gold is down $11 an ounce at $1,666 an ounce.
This morning in the U.S. Market:
This is a fairly heavy week for potential market-moving economic reports including the Durable Goods Orders, New Home Sales, and another revision to 4th quarter GDP growth, but beginning tomorrow. To see the full list click here, and look at the left side of the page it takes you to.
There were no reports yesterday, nor this morning.
The .
Our Pre-Open Indicators:
Our pre-open indicators are pointing to the Dow being down 50 points or so in the early going.
To read my weekend newspaper column ‘The U.S. Recovery Is Producing Surprises’ Click here.
Subscribers to Street Smart Report: There is a hotline update from Saturday morning in the subscribers’ area of the Street Smart Report website, and the mid-week ‘Signals & Recommendations on the U.S. Market’ update will be there sometime tomorrow.
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I’ll be back Thursday morning with the regular Thursday morning post at 9:25 a.m. eastern time. (This blog appears every Tuesday, Thursday, and Saturday morning!).
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