INTERMARKET ANALYSIS: Look at a 6-month euro FX chart (euro/$U.S pair). Do you see where euro FX found moving average support last night (July 08/July 09)? Do you see how Euro FX rallied off that support today and pulled gold higher? Gold stabilized today. Crude oil stabilized. Markets are connected. In today's diary entry (available to my subscribers) I show in detail what happened today.
6-MONTH CHART: Does this 6-month gold chart look bullish or bearish to you?
Six-month chart for August 2009 GLOBEX gold futures (source eSignal)
Richard L. Muehlberg is an analyst and day trader. He uses the lines approach: a combination of intermarket, time-of-day and linear regression channel analysis. Each trading day, Richard e-mails his subscribers a detailed trading diary entry covering the day's gold, crude oil, euro FX (euro/$U.S. pair), eurodollar, bond, NASDAQ 100 and S&P 500 action, including an end-of-day capture of his unique 42-chart trading screen. For more information, visit his website at www.DayTradingWithLinesInTheSky.com.
