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Gold is hammering out a bottom

Market News

Top Day Market News

5.24.12

 

Overnight, more apparent discord at the EU summit revolving around the possible introduction of an EU bond to recapitalize the European banks.  Effectively, this idea would issue more debt to address the sovereign debt crisis. At any rate, gold has a better tone to it as Central Banks are on the buy side. Gold is hammering out a bottom but the trading ranges are violent.

 

NOB spread (notes VS bonds) have a triple top at (1422/1423/1422) currently at 1401.

 

Weekly unemployment numbers and durable goods out at 8:30 and that’s that for eco releases for the day.

 

 

Week of May 21 - May 25

 

Date

 

ET

 

Release

 

For

 

Actual

Briefing.com

Forecast

Briefing.com

Consensus

 

Prior

Revised

From

May

22

 

10:00

 

Existing Home Sales

 

Apr

 

 

4.80M

 

4.65M

 

4.48M

 

May

23

 

07:00

 

MBA Mortgage Index

 

05/19

 

 

NA

 

NA

 

9.2%

 

May

23

 

10:00

 

New Home Sales

 

Apr

 

 

340K

 

340K

 

328K

 

May

23

 

10:00

FHFA Housing Price

Index

 

Mar

 

 

NA

 

NA

 

0.3%

 

May

23

 

10:30

 

Crude Inventories

 

05/19

 

 

NA

 

NA

 

2.128M

 

May

24

 

08:30

 

Initial Claims

 

05/19

 

 

365K

 

365K

 

370K

 

May

24

 

08:30

 

Continuing Claims

 

05/12

 

 

3250K

 

3250K

 

3265K

 

 

 

Date

 

ET

 

Release

 

For

 

Actual

Briefing.com

Forecast

Briefing.com

Consensus

 

Prior

Revised

From

May

24

 

08:30

 

Durable Orders

 

Apr

 

 

-1.5%

 

0.3%

 

-3.9%

 

-4.0%

May

24

 

08:30

Durable Orders -ex

Transportation

 

Apr

 

 

0.0%

 

1.0%

 

-1.3%

 

-0.8%

May

25

 

09:55

Michigan Sentiment -   Final

 

May

 

 

77.0

 

77.5

 

77.8

 

 

 

MARKET PLACE

 

 Numbers are good up until the close of business today. These are strictly technical in nature, not fundamentally based or biased.

Legend

U is Up

D is Down

PRD is Potential Reversal Day S2 is Weekly strong support S1 is Weekly good support

DS is Daily Support

DR is Daily Resistance

R1 is Weekly Good Resistance and is calculated once a week on

Sunday night

R2 is Weekly Strong Resistance and is calculated once a week on

Sunday night

Levels are for the most active futures contract

 

Daily Support and Resistance

 

Trend

WS2

WS1

DS

DR

WR1

WR2

June

ES

D

1249.25

1270.00

1300.50

1325

1331.2

5

1371.75

June

Nasda   q

D

2369.25

2418.75

2508

2562

2567.0

0

2665.75

June

Yen

D

123.29

124.89

125.10

127.05

127.36

128.23

June

EC

D

125.00

126.19

124.60

126.60

128.82

130.26

June

10

Year

U

132.23

133.08

133.15

134.06

134.03

134.12

June

30

Year

D

143.25

146.02

147.12

148.28

149.21

150.31

July

Soybea   ns

D

13.36

13.70

13.48

13.97

14.444

14.84

July

Corn

PRD(D)

5.54

5.95

5.91

6.23

6.57

6.79

June

Gold

D

1501.2

1546.5

1531.30

1585.6

1617.3

1642.8

July

Silver

D

25.86

27.26

27.00

28.67

29.53

30.40

July Copper


U

327

336

336

351

360

376

July Crude


D

88.07

89.86

88.88

91.32

94.83

98.01

 

 

 

 

 

 

 

 

 News