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Commodity and Financial Markets Recap

Stock-Markets / Financial Markets 2012 Mar 09, 2012 - 02:41 AM GMT

By: Chad_Bennis

Stock-Markets

Best Financial Markets Analysis ArticleToday unfolded as was expected with the metals and shares closing higher while the dollar sold off as traders expect the Greek drama to resolve without financial systemic risk being triggered.

Gold performed well today and will probably thrust higher on the Greece news tonight.


Silver pushed higher and closed higher today at $33.81. Silver is chewing through the fibonacci retracements as it moves higher. This is to be expected. Next resistance is seen at $34.40 followed by $35.

Remember the New Gold recommendation earlier in the week? Well, I accumulated in three tranches over the last 2 days and the price has rallied strongly the last two sessions on increasing volume. New Gold is a very well managed company with reserves in the ground and cash in the bank. This company should remain well bid on dips and price corrections in the bullion. Plus, this is one company you DO NOT need to sell out of fear when the metals crash as it floats back upwards once the metals stop their bleeding. Here is the 15 minute chart showing the past few sessions of trading.

The US dollar is being sold putting a bid in the risk on trades. The dollar has plenty of downside left in this move with mild support showing up at today’s close followed by 78.30.

CA Bennis
www.wheatcorncattlepigs.com

© 2012 Copyright Dr. Chad Bennis - All Rights Reserved

Disclaimer: The above is a matter of opinion provided for general information purposes only and is not intended as investment advice. Information and analysis above are derived from sources and utilising methods believed to be reliable, but we cannot accept responsibility for any losses you may incur as a result of this analysis. Individuals should consult with their personal financial advisors.


© 2005-2019 http://www.MarketOracle.co.uk - The Market Oracle is a FREE Daily Financial Markets Analysis & Forecasting online publication.


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