Selasa, 08 Mei 2012
Precious Metals Market Comments
By Mike Daly
Gold Settles $34.60 Lower ... ($1604.50)
Today's June Gold futures traded a choppy and volatile $44.00 range as
investors and traders alike react to the latest European Union debt
crisis. Today's day session traded a low of $1595.50 a level it has not
seen since January 3rd 2012. Global investors are viewing the leadership
change in both Greece and France has heightened the political and
economic turmoil in the Euro Region. The Euro currency is under siege as
the instability of the Greek government has placed a heavy financial
burden on the entire European Union as well as forcing global investors
to buy U.S Dollars and U.S Treasuries. President elect François Hollande
of France is scheduled to take charge May 15th has been very outspoken
in regards to the financial bailouts given to Greece and the devastating
effect it has had on France as well as the rest of the European Union.
The French elected the Socialist party candidate ousting Nicholas
Sarkozy who along with German Chancellor Angela Merkel was instrumental
in getting Greece their bailouts. Apparently the citizens of France are
tired of shouldering the economic weight that has
threatened the economic climate of France. A weaker Euro is 'bullish'
for the U.S Dollar.
A strong U.S Dollar is "bearish" for precious metals lower Crude oil
prices also attributed to lower precious metals prices as the June Crude
Oil futures traded as low as $95.52 per barrel during the day session.
ECONOMIC DATA 5/9
WHOLESALE TRADE.............7:30 AM. CST.
MY SWING NUMBERS 5/9
JUNE GOLD
RESISTANCE # 2..................$1657.00
RESISTANCE # 1..................$1630.00
PIVOT.........................
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