Weekly Gold Futures Market Recap

The monthly unemployment report came out on Friday morning stating that we added 203, 000 new jobs which was construed very bullish sending the stock market higher and gold lower due to the fact of tapering possibly happening as soon as March as the unemployment rate is now 7.0% as traders see no reasonable to own gold as the economy here in the United States and around the world are improving dramatically sending the S&P right near record highs once again today and selling off gold by $4 at 1,228 currently here on the night session this Friday afternoon in New York.

Gold is trading below its 20 & 100 day moving average continuing its bearish trend hitting a 5 month low with major support at 1,210 which was hit twice this week and rebounded but it looks to me that we almost certainly have to retest 1,180 which was last summer’s low. Trend lower....Chart structure....excellant.

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See you in the market, the gold market!
Ray @ The Gold ETF Trader


Here's our Introduction into Trading the Gold Market

Unemployment is up, and our Government has no Plan "B"

It was a shocker. We only created 18,000 jobs and unemployment jumped up to 9.2%, how can we say things are getting better when here we are basically two years after the low in the equity markets with unemployment still stubbornly stuck over 9% and probably going back over 10%.

Folks, there is no “Plan B”. For the past two years, this administration has declared warfare on business, particularly small businesses, the folks who actually create jobs in this country!

It is amazing to me that they could be so blinded with their political philosophy that they have actually forgotten that there are real people out of work that need jobs. Small businesses, the very people who create 70% of all jobs in America, are being punished as the current administration wants to tax them more. How stupid can things get. Oh, they can get pretty stupid.

As I mentioned yesterday in my 1 p.m. update, I felt that the S&P was in thin air and also as cyclic high. I think we could be seeing the start of a 15 to 20 day correction. We also recommended taking some money off the table in our crude oil trade which also went very well.
As mentioned earlier I’m doing this report a little bit earlier as I feel today could be an important turning point in the markets.

Now let’s see how we can protect and make your money grow. Click here to watch the video.

One of things we like to do on Friday is check the markets for 52 week highs and 52 week lows. This is easy to do with MarketClub’s SmartScan technology. Here’s how you do it:
First, go to the SmartScan tab and choose 52 week highs,then filter the results (watch video) using criteria that matches our own personality and price points.

Now, you want to do this starting around 3:30 to 3:45 on Fridays. This will show you the markets that are really strong. The idea is to go with the flow for the weekend and take profits on the opening on Tuesday morning.

It’s a simple approach and it’s worked out very well in the past. I suggest you do this and track it yourself for a while just to get a feel of the concept. We will also be doing the same thing and recapping the markets that came up on our 5 p.m. show on Wednesday. You wont want to miss this recap as it will be an eye opener for you.

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Nicholas Brooks: High Unemployment Boosts Gold

Nicholas Brooks, head of research and investment strategy for ETF Securities, says high unemployment means low rates means high gold prices for the short term.



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Nicholas Brooks: Gold Gains Traction

Nicholas Brooks, head of research and investment strategy for ETF Securities, argues that although the unemployment data might disappoint in the short term, gold prices could reach new highs in 2010.




Is Gold Poised to Go Higher or Lower?



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