Gold Seems to Start a Losing Streak

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Gold Comex futures prices are reasonably lower in without incident early U.S. trading Tuesday, resulting a long U.S. holiday weekend. Several more charts merging and a fixed U.S. dollar index are thumbs down for gold and silver Tuesday morning. Comex June gold last traded down $9.70 at $1,377.00 an ounce. Spot gold was most recent cited down $8.10 at $1,378.25.

After the U.S. holiday weekend, traders will get a complete amount of new U.S. economic data Tuesday. Will be released Tuesday contains the Chicago Fed Midwest manufacturing index, the consumer confidence index,  the Richmond Fed business activity survey, the S&P/Case-Shiller home price index and the Texas manufacturing outlook survey.

Chairman Bernanke’s speech to Congress and the latest FOMC minutes’ release, after last week’s news actions from the U.S. Federal Reserve, U.S. economic data will be studied by traders and investors with a stronger sense of whether the economy will decline or will increase in slow motion.

U.S. stock indexes are established for a higher beginning to the reduced trading week Tuesday. European stocks were stronger Tuesday, and on Monday. On Monday, European Central Bank board member Joerg Asmussen said the ECB will hold onto its easy monetary policy if needed. Asian stock markets were as well firmer on Tuesday.

The London A.M. gold acclimation is $1,379.00 against the earlier P.M. acclimation of $1,390.25.

Gold June futures bears still have the whole near-term technical advantage, but the bulls are showing flexibility. Prices are in a 7.5-month-old downtrend on the daily bar chart. Trading has been shifting for the past week as the bulls are holding their ground. Yet, improvements in gold in the near term would create the starting’s of a big and bullish double-bottom difficulty on the daily bar chart. Bears’ next near-term downside running off price objective is closing prices under solid technical support at $1,350.00. The gold bulls’ next upside near-term price running off objective is to create a close above solid technical resistance at $1,400.00. First resistance is sighted at the overnight high of $1,395.60 and then at $1,400.00, as for the first support is sighted at $1,370.00 and then at $1,360.00.