NEW YORK (TheStreet) -- Scott Redler, chief strategic officer at T3Live.com, breaks down how's he's trading gold on its recent rally.
Gold price is popping despite a rate hike in China. Because gold index that then but I -- more than ten dollars joining me it got rather -- strategic officer repeat real live dot com. Got typically higher rate that for gold right that we you know rally -- that there cubic feet level why.
I think what -- reasons one you know over the course the last few weeks we've seen gold -- like -- identity from being fear. Currency. Inflation and with China raising rates like. There is going to be inflation in these developing countries and Portland sees it. So maybe it's becoming -- a little bit of an inflation hedge again you still do you have a little fear that something else could happen in the in the Middle East like Egypt also. The JPMorgan (JPM) headline where. Now. Third parties can use it as collateral so there's another use for gold. So you put them all together and technically look good now it's gonna. Look at the next level which is about thirteen eighty which a product pause that and into the continues to keep acting on............
Tuesday, February 8, 2011
Commodities Mixed at Close; Gold Gains, Crude Oil Slips on China Concerns
Commodities ended mixed as gold futures gained on a stronger dollar while crude oil ended below $87 a barrel.
Light, sweet crude oil for March delivery finished down $0.54, or 0.6%, to $86.94 a barrel. In other energy futures, heating oil was up 0.42% to $2.70 a gallon while natural gas was down 1.68% to $4.03 per million British thermal units.
In energy ETFs, the United States Oil Fund (USO) is down 0.33% to $36.54. The United States Natural Gas ETF (UNG) is down 1.97% to $5.48.
Gold futures ended higher thanks to an interest rate hike in China and a weaker dollar.
Gold for April delivery finished up $15.90 to $1,364.10 an ounce. In other metal futures, silver was up 3.28% to $30.30 a troy ounce while copper traded up 0.27% to $4.58.
The U.S. dollar index (DXY) is down 0.17% to $77.91.
Light, sweet crude oil for March delivery finished down $0.54, or 0.6%, to $86.94 a barrel. In other energy futures, heating oil was up 0.42% to $2.70 a gallon while natural gas was down 1.68% to $4.03 per million British thermal units.
In energy ETFs, the United States Oil Fund (USO) is down 0.33% to $36.54. The United States Natural Gas ETF (UNG) is down 1.97% to $5.48.
Gold futures ended higher thanks to an interest rate hike in China and a weaker dollar.
Gold for April delivery finished up $15.90 to $1,364.10 an ounce. In other metal futures, silver was up 3.28% to $30.30 a troy ounce while copper traded up 0.27% to $4.58.
The U.S. dollar index (DXY) is down 0.17% to $77.91.
Subscribe to:
Comments (Atom)
