Month: January 2010

By CountingPips.com

The U.K. Gross Domestic Product grew by 0.1 percent in the fourth quarter to lift the economy out of its 18-month long recession according to the report released by the Office of National Statistics today. The economic growth in the October to December quarter was less than expected and less than reassuring that the U.K.’s economy is out of the woods and on the way to recovery.

On an annual basis, the fourth quarter’s GDP decreased by 3.2 percent from the fourth quarter level of 2008 after an annual 5.1 percent decrease in the third quarter.

The consensus among market forecasters was that the economy would increase by 0.4 percent in the fourth quarter following a 0.2 percent decrease in the third quarter. The third quarter’s decline marked the sixth consecutive quarter of GDP contraction dating back to the second quarter of 2008.

The U.K.’s economic downturn of 2008-2009 registers as the worst since the 1940’s as GDP fell by a total of 6.0 percent during the recession and lasted longer than all of the other G7 countries.

Contributing to the fourth quarter’s higher GDP data was an increase in total production output by 0.1 percent following a decline of 0.9 percent in the third quarter. Manufacturing output advanced by 0.4 percent for the quarter while mining and quarrying rose by 1.0 percent. Electricity, gas and water supply declined by 3.3 percent in the quarter while construction output was flat after rising by 1.9 percent in the previous quarter.

Total services output increased in the quarter by 0.1 percent following the third quarter’s decline of 0.2 percent. Distribution, hotels and restaurants contributed the largest increase in the services industry with a by 0.4 percent gain while government and other services advanced by 0.2 percent for the quarter. Business services & finance as well as transport, storage & communication showed no growth in the quarter after decreases in the third quarter.

The Pound Sterling mixed in Forex Trade.

The pound sterling lost ground to the other major currencies immediately following the GDP announcement today but has managed to claw back and pare some losses in the U.S. trading session. The pound has declined versus the U.S. dollar and Japanese yen while the U.K. currency has gained slightly or trades unchanged versus the Canadian dollar, Australian dollar and the Swiss franc after declining sharply earlier today.  Against the euro, the pound (EUR/GBP) has also turned around losses in the European session to trade close to unchanged from the beginning of the day at the 0.8707 exchange rate.

The pound has fallen against the U.S. dollar by 100 pips so far as the GBP/USD has declined from the opening exchange rate today of 1.6246 to trade at 1.6143 in the morning of the U.S. session at 10:43 am.  The pound has fallen versus the yen as the GBP/JPY has dropped from the 146.88 opening rate to trading at 144.65 today.

GBP/USD Chart – The British Pound Sterling falling versus the U.S. Dollar this morning in forex trading after the UK GDP growth came in less than expected. The GBP/USD gained yesterday in trading after falling by approximately 160 pips last week but has fallen today back under the 1.6150 level and remains in its downtrend from last week.

By Fast Brokers – The AUD/USD has dropped well below its psychological .90 level and is setting new January lows as the Dollar strengthens across the board.  The Aussie’s selloff was triggered by news that China’s major banks are tightening their lending practices in light of the central bank’s hawkish monetary stance in an effort to combat inflation and the formation of asset bubbles.  Tighter liquidity in China indicates the government is trying to cool down its economy, a particularly negative development for the Aussie since Australia’s strong economic performance has been fueled by China’s demand for commodities such as crude and iron ore.  Furthermore, investors should consider that Australia just printed a weaker than expected PPI figure and this may dissuade Australia’s central bank from raising rates at its next policy meeting despite the improvement in employment and domestic consumption.  That being said, Australia’s CPI release during tomorrow’s Asia trading session could carry some additional weight.  A weaker than expected CPI figure could place further downward pressure on the AUD/USD while a hot CPI could help buoy the currency pair.  Additionally, the U.S. will release CB Consumer Confidence today followed by New Home Sales and the Fed’s monetary policy decision tomorrow.  Hence, volatility in the Greenback could remain at a heightened state for the next couple trading sessions.

Technically speaking, the AUD/USD is currently approaching our key 1st and 2nd tier uptrend lines.  These trend lines could serve as the last line of defense for the currency pair over the near term since they run through December ’09 lows, or the .8730 level.  As for the topside, the AUD/USD faces multiple downtrend lines along with 12/16 and 1/25 highs.  Furthermore, the psychological .90 level may serve as a technical barrier now.

Price: .8962

Resistances:  .8972, .8994, .9006, .9022, .9044, .9060

Supports: .8950, .8931, .8919, .8904, .8881, .8867

Psychological: .90, December lows and January highs

(click to enlarge)

Market Commentary provided by Fast Brokers.

Disclaimer: FastBrokers’ market commentary is provided for information purposes only and under no circumstances should be regardedneither as an investment advice nor as a solicitation or an offer to sell/buy any financial product. FastBrokers assumes no responsibility or liability from gains or losses incurred by the information herein contained.

Risk Disclosure: There is a substantial risk of loss in trading futures and foreign exchange. Please carefully review all risk disclosure documents before opening an account as these financial instruments are not appropriate for all investors.

By Fast Brokers – The USD/JPY has tumbled back below the psychological 90 level and previous January lows in a flood of negative developments in both the East and the West.  During the Asia trading session investors headed for safety after China’s major banks indicated they are taking the central banks’ new hawkish monetary stance seriously, benefitting the Yen in the process.  Additionally, the BoJ kept its monetary policy unchanged despite external pressure from Finance Minister Kan in regards to fighting deflationary forces.  Therefore, it seems the BoJ is not comfortable with intervening at present levels, especially considering the S&P just lowered Japan’s credit rating outlook.  The S&P’s downgrade has delivered another blow to investor confidence and the Yen is benefitting as investors exit the risk trade.  Moving to the West, the UK printed a Prelim GDP figure below analyst expectations.  The negative GDP number led to a wave of risk aversion, a negative development for the USD/JPY.  Attention now shifts to the U.S. with the release of CB Consumer Confidence and it will be interesting to see how FX markets react since yesterday’s disappointing Existing Home Sales number led to broad-based weakness in the Greenback.  Japan will print its Trade Balance during tomorrow’s Asia trading session.  Should the Trade Balance yield a stronger than expected surplus this could result in another round of Yen purchases.  Meanwhile, volatility should remain at a heightened state for the next couple trading sessions since the U.S. will release New Home Sales tomorrow followed by the Fed’s monetary policy decision.

Technically speaking, the USD/JPY has our 1st and 2nd tier uptrend lines serving as technical cushions along with 12/18 and 12/14 lows.  As for the topside, the USD/JPY faces multiple downtrend lines along with intraday and 12/18 highs.  Furthermore, the psychological 90 level may work against the USD/JPY’s favor should conditions deteriorate further.

Present Price: 89.47

Resistances: 89.69, 89.97, 90.14, 90.37, 90.64, 90.77

Supports: 89.40, 89.21, 89.02, 88.85, 88.62, 88.28

Psychological: 90, December highs and lows

(click to enlarge)

Market Commentary provided by Fast Brokers.

Disclaimer: FastBrokers’ market commentary is provided for information purposes only and under no circumstances should be regardedneither as an investment advice nor as a solicitation or an offer to sell/buy any financial product. FastBrokers assumes no responsibility or liability from gains or losses incurred by the information herein contained.

Risk Disclosure: There is a substantial risk of loss in trading futures and foreign exchange. Please carefully review all risk disclosure documents before opening an account as these financial instruments are not appropriate for all investors.

By Fast Brokers – The Cable is under considerable selling pressure right now after the UK’s Prelim GDP number printed 3 basis points below analyst expectations.  Although BBA Mortgage Approvals came about in line, the setback in GDP has delivered another blow to the Pound, adding onto Friday’s disappointing Retail Sales data.  Therefore, it seems the improvement in UK employment has not carried through to GDP and consumption.  Meanwhile, we recognize a pop in the EUR/GBP taking place, highlighted by a comparative weakness in the Pound.  Additionally, the Pound is experiencing downward pressure from today’s revelation that China’s banks are being aggressive in terms of limiting the amount of new lows after the massive lending spree during the first couple weeks of the year.  Tighter liquidity in China is a negative development for the global economic recovery as a whole since China has been an integral part of the turnaround.  Therefore, we witnessed another wave of Dollar purchasing during the Asia trading session.  Investors will now look forward to today’s U.S. CB Consumer Confidence release.  While a positive number would likely lead to further Greenback buying, it will be interesting to see what reaction the FX markets would have to another negative U.S. data point.  Yesterday’s disappointing Existing Homes number led to weakness in the Dollar, meaning a similar pattern could occur today.  The UK will keep its data train rolling tomorrow with the release of its CBI Realized Sales.  Investors will also digest U.S. New Home Sales and a monetary policy decision from the Fed.  Hence, it wouldn’t be surprising to experience continued volatility in the Dollar over the next few trading sessions.

Technically speaking, despite today’s setback in the Cable the currency pair still has multiple uptrend lines serving as technical cushions along with 1/22 lows and the psychological 1.60 level should it be tested.  As for the topside, the Cable faces multiple downtrend lines along with 1/04, 1/21 and 1/15 highs.  Therefore, although the Cable’s uptrend line has been dealt a blow today, the currency pair still has some wiggle room on both sides.

Present Price: 1.6130

Resistances: 1.6143, 1.6170, 1.6195, 1.6223, 1.6247, 1.6264

Supports: 1.6119, 1.6092, 1.6073, 1.6048, 1.6023, 1.6001

Psychological: 1.60, 1.65, January highs and lows

(click to enlarge)

Market Commentary provided by Fast Brokers.

Disclaimer: FastBrokers’ market commentary is provided for information purposes only and under no circumstances should be regardedneither as an investment advice nor as a solicitation or an offer to sell/buy any financial product. FastBrokers assumes no responsibility or liability from gains or losses incurred by the information herein contained.

Risk Disclosure: There is a substantial risk of loss in trading futures and foreign exchange. Please carefully review all risk disclosure documents before opening an account as these financial instruments are not appropriate for all investors.

By Fast Brokers – The EUR/USD has recovered some of its intraday losses after the Dollar appreciated across the board in reaction to news that Chinese banks are being aggressive in limiting new loan volume.  The Euro received some good news after Germany’s Ifo Business Climate and French Consumer Spending outperformed.  Furthermore, the EU’s current account registered a slight surplus after analysts anticipated a deficit of -3.1 billion.  Hence, it seems demand for EU goods and services is recovering faster than anticipated, a positive development for the Euro which has been hammered the past couple weeks.  However, investors should keep in mind that last week’s Flash PMI data left something to be desired.  Therefore, EU economic data is painting a mixed picture.  Regardless, today’s encouraging data set has allowed the Euro to strengthen and make up for some lost ground, highlighted by a solid up-bar taking place in the EUR/GBP right now.  Attention will now shift back to the U.S. with CB Consumer Confidence on deck.  Yesterday’s U.S. Existing Home Sales data came in weaker than anticipated and it will be interesting to see how the Dollar reacts should today’s CB number also disappoint.  Although the EU will release German Prelim CPI tomorrow, attention will be centered on the Fed’s monetary policy meeting.  That being said, volatility could remain at a heightened state in the FX market over the next couple trading sessions, especially considering the earnings season is just beginning to heat up.

Technically speaking, the EUR/USD faces topside technical barriers in the form of multiple downtrend lines along with 1/25 highs.  As for the downside, the EUR/USD has our 1st and 2nd tier uptrend lines serving as technical cushions along with previous January lows and the psychological 1.40 level.  Our 1st tier uptrend line could carry some weight since it runs through some April 2009 lows.  That being said, a failure of our 1st tier could send a pretty negative signal considering April 2009 lows are around the 1.30.

Present Price: 1.4096

Resistances: 1.4115, 1.4146, 1.4169, 1.4191, 1.4224, 1.4247

Supports:  1.4080, 1.4065, 1.4045, 1.4015, 1.3981, 1.3950

Psychological: 1.40

(click to enlarge)

Market Commentary provided by Fast Brokers.

Disclaimer: FastBrokers’ market commentary is provided for information purposes only and under no circumstances should be regardedneither as an investment advice nor as a solicitation or an offer to sell/buy any financial product. FastBrokers assumes no responsibility or liability from gains or losses incurred by the information herein contained.

Risk Disclosure: There is a substantial risk of loss in trading futures and foreign exchange. Please carefully review all risk disclosure documents before opening an account as these financial instruments are not appropriate for all investors.

By Rita Ruvinski – The EUR pared its losses vs. the U.S dollar after German business confidence rose to its highest level since July 2008. The Ifo institute in Munich reported today its business climate index increased to 95.8 from 94.6 in December, ensuring Germany’s economy continues to expand. The European single currency rose after the report to $1.4103 from $1.4084.

Against the British pound the EUR rose 0.3% at 0.8725, with a stronger-than-forecast reading of the key Ifo Institute’s German business climate gauge helping the shared currency to outperform GBP.

But although a temporary rebound is possible, the overriding picture argues in favor of continued EUR weakness. The European currency continue to weaken against the U.S dollar after the ECB member said that the central bank is concerned about the sharp rise forecast for public deficits and debt in euro member countries.

Attention is now focused on this week’s European Unemployment Rate figure published on Friday at 10:00 GMT. After rising 0.1% every month, the Euro-zone’s unemployment rate rose by 0.2% and reached the alarming number of 10%, weighing on the single currency

Forex Market Analysis provided by Forex Yard.

© 2006 by FxYard Ltd

Disclaimer: Trading Foreign Exchange carries a high level of risk and may not be suitable for all investors. There is a possibility that you could sustain a loss of all of your investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with Foreign Exchange trading.

Source: ForexYard

The Dollar experienced mix trading yesterday, climbing against the Yen but falling against the EUR with traders anticipating both Japanese and U.S. interest rate decisions and a bloc of economic data. The economic releases to come may be a positive for the USD.

Economic News

USD – Existing Home Sales Fall Sharply

Yesterday’s release of U.S. existing home sales showed a sharp drop during the month of December. Traders reacted by selling the Dollar and buying the EUR instead. However, by the end of the day, the EUR/USD was relatively unchanged from its opening price as traders are tentative to place large bets on the direction of currencies before the release of both Japanese and American interest rate decisions.

Near the end of the day, the EUR/USD was trading at 1.4155 from an opening price of 1.4166. The Cable was at 1.6245, after starting the day at 1.6111.

The large amount of economic news and data releases that are expected this week is causing trader hesitation. Perhaps the most important event will be the release of the Federal Open Market Committee Statement on Wednesday. Economists are expecting the Fed to hold interest rates steady and to continue with the same language regarding interest rates staying low for a considerable time period.

Also due to be released today is the CB Consumer Confidence. The survey of household’s opinion typically has a large impact on the daily trend of the EUR/USD. A better than expected reading from the survey could be a boost for the USD, sending the pair lower, to the 1.4040 support line.

EUR – Risk Aversion is back

This year’s trading of the EUR was expected to be driven by a disparity of interest rates between Europe and the U.S., but instead we have seen another side of trading. Risk aversion has crept back into the scene. Slowing economic data, new U.S. banking regulations proposed by the Obama administration, worries over Greece’s financial situation, and now concerns of the Ben Bernanke’s senate confirmation for a second term as Fed chief facing difficulties are some of the highlights that have increased risk aversion in forex trading recently.

For currency traders, this means a continued delay in the return of normal trading trends that were seen before the financial crisis. As we experienced last week, the Dollar rose after risk taking was sucked out of the market by the proposed new banking regulations in the U.S. that would force commercial banks to chose between a traditional banking business model or that of a securities trading firm.

Europe also faces its own risks as well surrounding the financial stability of not only Greece but also Portugal and Italy. Spreads on Greek government bonds eased yesterday from their record high on Friday, but the market feels Greece is a liability for the European Union increasing negative sentiment and pressure on the EUR.

Today’s release of the German Ifo Business Climate may be a good indicator of how businesses view the state of the Euro-Zone economy. Another key data release will be the Preliminary GDP from England. This data will help to set the tone for this week’s trading and should be followed carefully. Positive GDP results could sink the EUR further as the EUR/GBP could fall to the 0.8650 level.

JPY – Market Anticipates Japanese Interest Rate Decision

The USD/JPY traded in a tight range yesterday after the release of negative U.S. existing home sales numbers. However, the pair climbed back after pressure was put on the yen with the market expecting the Bank of Japan (BoJ) will announce today the expansion of its monetary stimulus program. This will be done to counter a situation of falling prices. The threat of deflation has loomed over the Japanese economy. An economic recovery will be made much more difficult as prices decline with consumers choosing to delay big purchases in hopes of further price declines in the future.

Yesterday the pair traded at a high of 90.32 after opening the day at 90.07.
Many traders were tentative to take on new large positions in the Yen before the BoJ press conference that accompanies the interest rate release. We could see a decline in the Yen during today’s trading as the BoJ is expected to hold interest rates steady, but could increase its programs of either emergency lending to Japanese companies or further purchases of Japanese government debentures. This could lead to a weaker Yen with the pair potentially rising to the resistance level of 91.75.

Crude Oil – Spot Crude Oil Prices Rise with U.S. Stocks

Spot Crude Oil traded higher after Monday’s trading session. This puts an end to the 3 consecutive day skid in Crude Oil prices. The commodity climbed higher due to a late day rise in U.S. equities. Crude Oil was trading at $74.90 after opening the day at $74.54. At one point in the day prices dropped to a new month low at $74.02.

Driving prices higher was a late session rally in U.S. equities after the market shrugged off lower than expected existing home sales numbers. Also the assessment of Ben Bernanke’s expected confirmation for a second term as Fed Chairman helped spark a price rally.

Despite the rise in prices today, concerns of future demand still weigh on the market. Last week the Chinese government took steps to slow economic growth in the country. This hurt Crude Oil prices and left spot crude oil prices down 5% for the week.

Technical News

EUR/USD

A breach of the lower Bollinger Band is evident on the hourly and 2 hour charts. Furthermore, the pair’s RSI is floating in the oversold territory on the hourly and daily charts and an impending bullish cross is seen on the hourly chart’s Slow Stochastic. Going long for the day may be a good choice.

GBP/USD

The pair seems to be exhibiting some mixed signals. While the hourly and daily charts’ Slow Stochastic are exhibiting a bullish cross, the 4 hour Slow Stochastic is exhibiting a bearish one and the 2 hour RSI is floating near the overbought territory. Waiting for a clearer direction for the pair may be advised for today.

USD/JPY

The pair may be seeing some correction today as a breach of the lower Bollinger Band is evident on the hourly and 2 hour charts and a bullish cross is exhibited on the daily chart’s Slow Stochastic. Furthermore the daily and hourly RSI are floating near the oversold territory. Going long for the day may be advised.

USD/CHF

A breach of the upper Bollinger Band is evident on the hourly and 2 hour charts while the daily and hourly RSI are floating in the overbought territory. A bearish cross is evident on the hourly Slow Stochastic. Going short for the day may be a good choice.

The Wild Card

USD/NOK

The pair may see a downward correction today as the 8 hour and daily RSI are floating in the overbought territory and a fresh bearish cross is evident on the hourly and daily charts’ Slow Stochastic. There is also a breach of the upper Bollinger Band seen on the hourly, 2 hour and 4 hour charts. Forex traders are advised to go short for today.

Forex Market Analysis provided by Forex Yard.

© 2006 by FxYard Ltd

Disclaimer: Trading Foreign Exchange carries a high level of risk and may not be suitable for all investors. There is a possibility that you could sustain a loss of all of your investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with Foreign Exchange trading.

By David S Adams – I thought I might begin a series of articles on some of the indicators I find helpful in my trading, so the Commodity Channel Index (CCI) seemed a logical place to start. The CCI can be a little tricky to use, but there are countless systems in which the CCI is an integral component. A simple search on Google will turn up a plethora of CCI related trading systems.

A little history first:

The CCI is an indicator developed in 1980 by Donald Lambert and was used as a momentum indicator for use in commodities trading. It can be utilized as an oscilllator or trend indicator depending upon your inclination, which makes the CCI among the most versatile indicators in use. Based on a simple moving average, the CCI incorporates a standard deviation equation and smoothing factor to arrive at the CCI line product. Usually the +100 and -100 lines, along with the zero line are plotted when using the indicator.

How to use the CCI:

As a trader interested in chaos theory, it is my belief that investors love to “jump on the ship” whenever a market move of any significant move begins to develop, and will continue to pile buy or sell short well past the overbought and oversold thresholds the CCI plots, which are the previously mentioned +100 and -100 lines. In my world of thinking, I love to take advantage of this overbuying and overselling and find very nice trades as the CCI line pierces the 100 lines, either up or down, and end up taking advantage of this tendency to overbuy and oversell.

On the other hand, I also use the CCI as a trend indicator and will sell when the CCI passes down through the +100 and buy when the CCI passed upward through the -100 line. I consider most of the action between the 100 lines as market noise and tend to ignore most trade indicators in those areas. I am looking for the overbought and oversold conditions, and initial trend indications.

Like most traders I use a cross checking system to validate my CCI entries and the MACD is an excellent choice for this job, as well the as the commercially sold software system Decision Bar. I am one who likes agreement in trade entries and never rely on a single indicator to enter or exit any of my trades.

One caveat I always make known to traders regarding the CCI is angle at which the CCI pierces the 100 lines. I am always very wary of entries when the CCI lines has been hanging around the 100 lines for several bars, or approaches the 100 lines and repeatedly stops. Which is not to say that when it eventually pierces the line, which it may, you can’t have a good trade, but my experience has told me that these types of entries are often unproductive unless accompanied by strong support indicators. I like a nice clean entry past the 100 line. I would imagine many traders might not agree with this “angled” view on trade entry, but my experience has not been good when the CCI line dilly-dallies around the 100 lines for any period of time without piercing them.

In summary, the CCI is a versatile indicator that can be used on far more than it’s original commodity based origin. It works well with financial indexes, to say the least.

About the Author

I write mainly about financial topics, specifically daytrading the emini contract, and many of my more technical techniques can be found at my blog, The Fractal Futures Trader.

AUDUSD break above the falling price channel on 4-hour chart, suggesting that a short term cycle bottom is being formed at 0.8982 and the fall from 0.9327 has completed. Bounce to 0.9160 area to reach next cycle top is expected in a couple of days. Support is at 0.8982, only fall below this level could indicate that the fall from 0.9327 has resumed, then another decline could be seen to 0.8900 zone.

Daily Forex Analysis

By CountingPips.com

U.S. existing-homes sales fell more than expected for the month of December following three straight months of increases, according to the monthly report produced by the National Association of Realtors (NAR). The NAR report showed that existing-home sales including single family homes, co-ops and townhouses fell by 16.7 percent in December to a seasonally adjusted annual rate of 5.45 million units. Despite the monthly decline, existing-home sales increased by 15 percent an annual basis from the December 2008 level.

Market forecasters had predicted the sales data would fall by 9.8 percent in December to a 5.90 million unit sales pace.

November’s existing-homes sales had increased by 7.4 percent to a 6.54 million home rate and benefited from the government’s $8,000.00 tax credit for first time home buyers that was originally set to expire at the end of November.

NAR chief economist Lawrence Yun commented in the report about the sales figures, “It’s significant that home sales remain above year-ago levels, but the market is going through a period of swings driven by the tax credit.” Yun said that he expects sales to rebound  and will likely “surge in the spring” as buyers take advantage of the extended tax credit that has been continued through April 30th.

“By early summer the overall market should benefit from more balanced inventory, and sales are on track to rise again in 2010. However, the job market remains a concern and could dampen the housing recovery – job creation is key to a continued recovery in the second half of the year.”

The median sales price for existing homes was $178,300 in December, a 1.5 percent increase from the December 2008 median sales level and the first annual gain since August 2007. Total housing inventory decreased in December by 6.6 percent to a total of 3.29 million homes.

US Dollar mixed in Forex Trading.

The U.S. dollar has been mixed in forex trading today against the other major currencies as exchange rates have been not made much movement from the beginning of the day. The dollar has gained today versus the Japanese yen as the USD/JPY has increased from its opening rate of 90.00 at 00:00 GMT to trading at 90.22 as of 1:32 pm EST in the U.S. session.  The dollar is trading virtually unchanged against the euro at the 1.4149 exchange rate after opening the day at 1.4153.

The British pound has advanced versus the dollar to trading at the 1.6241 exchange rate after opening the day at 1.6115. The USD has declined against the Swiss franc from 1.0415 to 1.0395 for a loss of 20 pips.

The dollar has gained slightly against the Canadian dollar as the USD/CAD pair trades at 1.0575 after opening at 1.0566 while the Australian and New Zealand dollars are trading just about unchanged from their opening rates versus the American currency.

The U.S. stock markets, meanwhile, have been positive so far today with the Dow Jones gaining by over 40 points, the Nasdaq increasing over 6 points and the S&P 500 up by over 6.80 points.  Oil has edged up by $0.65 to $75.19 while gold is higher by $11.20 to trade at the $1,100.40 per ounce level.