Thursday, January 3, 2013

Gold futures act out post FOMC as US dollar futures gain

30 min GC - note green arrow @
1670 failure
 Today was quite the day when speaking to correlation among the equity complex and the commodity complex. You had a marginally strong equity tape with weak gold, crude, silver, copper futures.

Specifically this evening gold failed the 1661 metric as we first highlighted on our twitter feed.

Once this metric failed you can see in the chart below the price action looked much like stop hunting into 1655. Under 1655 we got a low or 1645.60 a loss of 24.60 points or 1.47%. This moves comes on top of a 26 point regular session gold loss. So we are right at about a 50 dollar loss in about 12 hours.

DX futures are pushing up near a break out over 80.80, currently 80.788 trading, this bid has not relented since mid day wednesday. Anytime you have the dollar acting out alone you get weird action in metal and energy markets, specifically crude.
5 min GC  
Silver futures are trading down 3.58 precent or -1.10 to 20.62 . Silver is always amateur hour in my opinion and acts out like a teenager compared to its big brother gold. Anyway ES under 1450 could trigger a test of the 1440-1428 gap from monday afternoon into wednesday.

A 15 min ES chart is below showing the gap under 1440 and the air under 1450. Trade em accordingly.
15 min ES
SPY 30 min view of the summation.. notice cyan triangles were sold all day (apple related) after being buried up high into the close of wednesday.
30 min SPY 

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