Gold & Gold Miners Surge, Watch This Resistance

Please feel welcome to join in on these informative ongoing discussions about trading futures and commodities.

The Trading Forum is intended for the open discussion of commodities trading. The management of this Forum does not agree or disagree with the ideas exchanged, and does not exert editorial control over the message posted herein. Read and post at your own risk. The risk of loss in trading or commodities can be substantial. We discourage the use of this Forum to promote trading that is acknowledged to be risky. Please note: many links from the Forum lead to pages on other web sites. We cannot take responsibility for nor endorse the information presented on those sites.

Forum Policy

Return to Index

TFC Commodity Trading Forum

This morning, the SPDR Gold Shares (NYSEARCA:GLD), and the Market Vectors Gold Miners ETF (NYSEARCA:GDX) are both rallying higher after a disappointing job report. The U.S. Dollar Index futures (DX Z3) are also weaker today trading lower by 0.40 cents to $79.34 per contract. Usually, a weaker U.S. Dollar will help to lift gold and the gold related markets.

Traders should expect the GLD to trade into the $133.00 level on the daily chart. There is a lot of resistance around this area for the GLD as it was a failed breakout in August. The former buyers at that level will most likely be sellers again.

The GDX will have near term daily chart resistance around the $27.75 level. This level was also a failed breakout point from September 18, 2013. So traders should expect the GDX to stall out around this area. After these levels are reached it will be all about the patterns on the charts to see gold's next move.

Nicholas Santiago
InTheMoneyStocks

Forum Policy

Return to Index