Thursday, August 06, 2009

Morning Briefing for August 6th: Probing New Highs

Here we see that we're trading at the upper end of yesterday's range. Note that, once again, corrections have been relatively short and shallow, helping to preserve the uptrend. We have support at the Tuesday and Wednesday lows; failure to sustain new highs would target the midpoint of the range since Tuesday. Continued stimulus in the UK is helping support prices; we're seeing stronger gold prices and higher Treasury rates so far, with 10-year rates nearing 3.8%.