Market Analysis for Feb 18th, 2005
For today's Mid-Day Minute, Mike writes: While the equity indices remain very subdued ahead of options expiration, let's have a look at a different market altogether... spot gold prices. Since its Feb. 4th low at 410.00, spot gold prices
have climbed strongly to the 430.00 area, which
represents a two week resistance band (during
Jan.) as well as the coordinate of the declining
54 DMA. The ability of the price structure to hold
and consolidate in the 428.00- 422.00 area, and
then thrust above 430.00 will be considered very
bullish behavior for a run at 440.00-450.00. At this
juncture, only a decline that breaks and sustains
below 421.00 will weaken the near term upside
potential.
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