Trading Setups / Chart in Focus:
The spot gold market moved slightly lower today as it retraced about 50% of yesterday’s bullish pin bar setup that formed showing rejection of the 21 day EMA, this allowed for a 50% long entry on the pin. As long as price holds above the low of the pin bar from yesterday, we are bullish biased on this market and see the potential for more upside next week.
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In the currency markets today, the euro moved marginally higher against the greenback after it pared much of its early session gains into the New York close. Traders are looking forward to next week’s decision on a bailout plan for Greece.
The yen was weaker against the other majors again today, as it is still feeling the effects of the surprise decision by the Bank of Japan to boost its asset-buying program.
The U.S. dollar was modestly higher against the Australian dollar today.
In the U.S. markets today, stocks pushed higher but gains were limited ahead of an extended holiday weekend. Hopes are high for Greece’s bailout plan to be approved and this event will likely be the catalyst for price movement next week.
The Dow added 45.56 points, or 0.35 percent, the S&P 500 gained 3.17 points, or 0.23 percent, and the Nasdaq lost 8.07 points, or 0.27 percent.
Upcoming important economic announcements: 2/19/2012
4:45pm EST: New Zealand – PPI Input q/q
7:30pm EST: Australia – Monetary Policy Meeting Minutes
9:00pm EST: New Zealand – Inflation Expectations q/q
9:30pm EST: Australia – RBA Gov Stevens Speaks