Gold: Opens flat this morning at $1588

Compass Directions – Commodities and Equities Report

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GOLD opens flat this morning at $1588 after fluctuating between $1577/$1594. Neg-ative sentiment for the bullion was reversed during the U.S. session when the U.S. an-nounced a contraction in retail sales for the 3rd consecutive month, which saw the dollar heading down against all trading counter-parts. Skyrocketing agricultural produce pric-es due to a severe drought also underpinned the gold price. Investors are again advised to stay sidelined as the bullion is struggling for direction as the price narrows in the triangle development. We have reduced our degree of bearishness as crude is threatening to break above a previous high and the market ap-pears to react positively to even negative news. Ben Bernanke will provide an update for the US economy to lawmakers from to-night and we will further peruse market reac-tions.

Compass Direction

Short-Term Medium-Term

BEARISH BEARISH


3rd Support	2nd Support	1st Support	SPOT	1st Resistance	2nd Resistance	3rd Resistance
$1,520	$1,530	$1,547	$1,589	$1,601	$1,633	$1,700

Published On Tue, Jul 17 2012, 00:58 GMT Previous entries

Keagan York

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Keagan is an Experienced banking professional with a number of years working in the financial markets. He has successfully traded and priced currencies, forwards, options and commercial paper. Keagan began his trading career at CBA working as a Dealer, Foreign Exchange and Money Markets.

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