Gold is roughly flat on day going into the July 4th weekend, tomorrow will be light volume with only a half day of trading. The SPDR Gold Trust (GLD, [stock GLD]) ETF is lower by 0.14% in the final hour of trading today while the iShares Gold Trust (IAU, [stock IAU]) ETF is holding flat on the day.
As traders get ready to move on the FOMC statement out shortly at 12:30
Futures are suggesting the markets could build on yesterday’s bounce. Futures are up ahead of the open with S&P fair value at +13.00 and NASDAQ fair value at +21.80.
U.S. auto manufactures continues to improve with all U.S. manufactures posting double digit sales gains for the month of May although shy of analyst’s expectations. Ford Motor Company [F, $[stock F] sales rose 21% for the month of May falling short of both Barclays and Edmunds.com expectations.
The iShares Silver Trust (SLV, [stock SLV]) is hovering around strong support at the $25.40 level.
Technical Screens found trouble in the energy sector.
Looking at the gold charts today we find a solid bounce off support at $14.90 on the iShares Gold Trust (IAU, [stock IAU]). iShares Gold Trust has been in descending channel since early February dropping over 14% since before bouncing off solid support
This stock market has problems. Problems indeed! With what appeared to be an oversold bounce this morning was shattered on more negative news from the ECB cutting funding to certain Greece’s banks not to mention the FOMC statement about highlighting several members saw the need for additional stimulus causing the bulls packing once again.
The Aussie dollar against the U.S. dollar continues is move lower supporting our bearish basis on the AUD/USD.
The bears trying to take control forcing stocks lower and the S&P 500 lower towards this morning’s level and forcing the NASDAQ to session’s lows.
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