Of Gold Extensions مقياس إمتدادات الذهب
Friday's $2431 high in gold consisted of a 21% rise from the Feb 14th low. Such percentage extensions from key lows or/and technical levels such as the 200-DMA, could flag crucial opportunities for partial/full profit-taking. Watch here.
http://www.marketwatch.com/story/futures-traders-push-back-fed-hike-until-july-2011-2010-08-10-1443250?dist=countdown
There was another increase in non-commercial long positions, so money continues to flow into the oil markets and a lot of the commodity markets, said Tom Bentz, a senior energy analyst at BNP Paribas Commodity Futures Inc. in New York. That tends to keep prices above what fundamental reality dictates.
Crude oils monthlong rally may propel prices to a 20-month intraday high of $88.17 a barrel by the end of September, according to technical analysis by Blake Robben, a strategist at Lind-Waldock in Chicago.
The October contract, which becomes the front month Aug. 23, has been trading in an uptrend, a pattern of higher peaks and higher valleys, since touching a low of $72.15 on July 6, Robben said. A line drawn from the July 6 low to the July 28 low of $76.33 shows support at $78.35 as of today, Robben said. http://www.bloomberg.com/news/2010-08-09/oil-rises-first-time-in-four-days-as-equities-fuel-optimism-over-recovery.html
This is a classic example of the multi-vector nature of the interconnected markets! The weaker dollar will supposedly help demand, and yet the CL often is pulled strongly by the dow and s and p as of late, and they could be all over the map, with Sept statistically the worse month for the S and P and August in second place. Oil also is quite affected by the Euro at times. And then we head into the peak of the hurricane season. So many vectors pushing and pulling on CL, and yet I could see it end September close to where it is now, lets say 81. But in the meantime I plan on riding usable waves up or down intraday!
Gangsters, drug dealers and money launderers appear to be playing their part in helping shore up the financial stability of the euro zone.
That's thanks to their demand, according to European authorities, for high-denomination euro bank notes, in particular the 200 and 500 bills. The European Central Bank issues these notes for a hefty profit that is welcome at a time when its response to the financial crisis has called its financial strength into question.
The high-value bills are increasingly "making the euro the currency of choice for underground and black economies, and for all those who value anonymity in their financial transactions and investments," wrote Willem Buiter, chief economist at Citigroup, in a recent research report. The business of issuing euro notes, produced at almost zero cost, is "wildly profitable" for the ECB, Mr. Buiter wrote.
http://online.wsj.com/article/SB10001424052748704532204575397543634034112.html
Very true words, those! The markets are so complex, sometimes reasons and directions are fairly obvious, but there is also randomness.
"Chinas banking regulator told lenders last month to conduct a new round of stress tests to gauge the impact of residential property prices falling as much as 60 percent in the hardest-hit markets, a person with knowledge of the matter said."
http://www.bloomberg.com/news/2010-08-04/chinese-regulator-said-to-tell-banks-to-test-for-60-drop-in-home-prices.html