Today, 11/12/09, the gold market took its first corrective action on the downside. The question many traders will have now is, have we hit the high end for gold this year?
In my latest video I examine that question in some of the internals that I see and feel are important in this market.
As always our videos are free to watch and there is no need to register. Please feel free to share your comment regarding the gold market on our blog.
Adam Hewison
President, INO.com
Co-creator, MarketClub
On Wednesday, 11/11/09, the Dow Jones Industrial Index rallied to a 50% retracement level based on MarketClub's Fibonacci measuring tool. The action today indicates that this level is very important and that it could be an important top for this market.
In my latest video I cover both the Dow and the S&P 500 and tell you what I think is going to happen to both of these markets in the near and intermediate term.
Continue reading "Two Major Forces Collide in the Index Markets"
After hitting our first upside target of $1,110 two days ago, gold prices backed off but still managed to close at their best levels today for a new record high close in New York basis the spot gold.
The question now is, what's going to happen to gold after it hit our first target level?
The Dow jumped to new highs for the year, extending its gains from the lows seen in March.
What does this mean for the future?
The Dow is now within 100 points of being into thin air as it has retraced close to 50% of its down move. The NASDAQ has already done this, and the S&P 500 has come very close to achieving this goal. Clearly the trend continues to be positive for the Dow with today's new highs. The other two indices, while closing very well and on an upbeat note, must clear their previous highs to start another push to the upside. It remains to be seen whether or not that will take place.
Just a friendly reminder to MarketClub members and Trader's Blog guests alike, we archive all of our Analysis Videos on the "Bonuses & Videos" page in our Help Section. If you are trying to find a video that was previously posted, you can quickly find it our video archive. Also, please feel free to share our videos with your trading buddies by using the "Share it Icon" that is at the bottom of all
posts.
Have a great weekend!
The MarketClub Team
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