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.

For more of Mike Paulenoff, sign up for a FREE 30-Day Trial to his E-Mini/Index Futures diary at. Or try his QQQ Trading Diary.


  Matched
x
  • In our live, interactive Trading Room, we identify trading opportunities in ...
  • Equity Index Futures
  • Index & Sector ETFs
  • Individual Stocks
  • Precious Metals
  • Energy
  • Forex
  • Treasuries
  • International Markets
  • And Much More
Join MPTrader Now!
Veteran Wall Street analyst and financial author, Mike provides detailed and timely analysis and trade set-ups on a range of markets. Read more...

Have Mike's “Out Front” morning analysis delivered FREE to your email inbox twice weekly!