FMX | Connect – www.fmxconnect.com - (Reported 11/08/2011)
Gold Could Break Above 1800
Gold traded to 1799.90 in the overnight session, but don’t expect that high to last for long.
December Gold could rally above 1800, according to our latest Trend-Vol alert. Above, you can see a period of decreasing volatility and very tight Bollinger bands on the hourly chart. A break-out above 1800 or below 1786 would initiate a likely continuation in either direction with rallies reaching for 1850 and sell-offs looking to test support in the 1750 area. Readers of our daily options report should remember we noted the possibility of a profit-taking retracement in our technical report, and should look at this trend-vol indicator for additional confirmation.
-----
About FMX: FMX Connect is an information, data, and analytics portal for Commodities. The portal provides an all-in-one package including essential market data, independent third party research, industry news, and commodity trading tools. FMX Connect provides efficient, effective, and thorough data that bridges all aspects of commodities onto one screen. The Result; A user friendly application for hedge fund traders, OTC brokers, individual investors, and industry participants.
-----
Note: The information presented, while from sources generally believed to be reliable, is not guaranteed and may not be complete. FMX | Connect makes no representations or warranties regarding the correctness of any opinions or information. Past results are not necessarily indicative of future results. Nothing in this report should be construed as a representation to buy or sell shares, futures or options, which contain considerable risks. For internal client distribution only. Any reproduction, re-transmission, or distribution of this report without permission is prohibited. Media correspondents or reporters may not quote any one page or section in its entirety and must attribute all quotes, ideas or concepts herein. Copyright FMX | Connect, ©2009-2010. All rights reserved.