Durable Goods Crash Pumping Up This Commodity

Gold ($GOLD – CME)

Monday, August 26, 2013

It’s a strange row of dominoes, but the last one to tip could still make you decent coin.

Today, we learned that July’s Durable Goods (DG) figure was truly terrible. The Commerce Department reports that manufactured items like cars, dishwashers, and airplanes fell off 7.3%.

This is the first decline in DG in four months, and DG’s biggest loss since August 1012. The simple story is that this is bad news for the industrials.

But Wall Street is never that simple. This red flag has some traders thinking this will slow down the Fed’s plans to withdraw excess capital from the economy and marketplace. And that has the gold bugs talking inflation again.

Gold and silver futures spiked on the news, with gold rising back to $1,400 and it’s little cousin silver popping to 1.3% at $24.05/oz.

$GOLD 082613

Bottarelli Research Tip: Gold ($GOLD – CME) set a rock-solid bottom over the summer and is already approaching resistance at the 38.2% retracement marker at 1,413.71. If this new buying pressure can push gold through this limit, it should rise very rapidly to the 61.8% marker at $1,561.05.

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