Global Market Wrap: Elevator Up On U.S. GDP- Bonds Drop
LFB Forex
Published Dec 31, 0000 07:00PM ET
Updated Oct 29, 2009 05:27PM ET
Gold Technical View: TheLFB Member Charts
Daily chart trend: Long. Main price points: 1070. Looking for: Wave 3) top
On the gold daily chart, the market reached a new top around $1070 per ounce, where an extended red wave 3) may be completed. The market is currently trading around a significant Fibonacci extension resistance area, where a move lower into the corrective wave 4) may follow over the coming days and weeks, towards the lower support line of a trading channel.
Treasuries moved lower after the better than expected GDP read, which shows that the economy is on the right path. This makes some market participants think that the Fed will begin raising interest rates over the next few quarters, which makes Treasuries look as overvalued
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Written By: LFB Forex
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