Red-Hot Resources

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Monday, October 16, 2006

Monday Is Chart Day


Gold recently bounced higher off support, but it has two kinds of resistance to get through now…

Oil is bouncing on OPEC meeting news, but let’s see if that lasts more than a couple days. The downtrend is still in control.
And then we have the US dollar. Naturally, what happens in the dollar will affect gold and silver. Jack Crooks says it’s unlikely that gold and the dollar can rally together.
Finally, copper, which is a great measure of global industrial activity. It's headed for a breakout, but will that breakout be up or down? We'll see.


It's an excellent day to be trading. Have a great day!
Check out my new gold and energy blog at MoneyAndMarkets.com