After printing a "bearish engulfing" candlestick on Friday, we expected to see further selling yesterday, however following a quiet morning of range bound trading, the market jumped $15 higher on the release of a much weaker than expected manufacturing ISM number.
Gold climbed as high as 1417, pushed higher by a surging oil price and collapsing dollar, however the rally was short lived and the yellow metal fell back to close around 1410.
This morning, gold is under pressure as the dollar bounces back from support in the 82.50 area and oil gives back some of yesterday's gains. Oil is forming a series of lower highs and lower lows and appears to be headed below $90.
Equities have halted their corrective decline, though we would like to see a test of 1600 before the rally resumes to take the S&P to new highs.
As we get closer to Friday, traders will begin to focus on the release of the Non Farms Payroll (NFP) number and the potential impact that it will have on markets.
Today's video for subscribers looks at the recent trading in more detail and our strategy or our current trade.
Gold climbed as high as 1417, pushed higher by a surging oil price and collapsing dollar, however the rally was short lived and the yellow metal fell back to close around 1410.
This morning, gold is under pressure as the dollar bounces back from support in the 82.50 area and oil gives back some of yesterday's gains. Oil is forming a series of lower highs and lower lows and appears to be headed below $90.
Equities have halted their corrective decline, though we would like to see a test of 1600 before the rally resumes to take the S&P to new highs.
As we get closer to Friday, traders will begin to focus on the release of the Non Farms Payroll (NFP) number and the potential impact that it will have on markets.
Today's video for subscribers looks at the recent trading in more detail and our strategy or our current trade.
