The Euro, in large part due to general dollar weakness, climbed to a new 2009 high of $1.4629 in late European currency trade. One Euro is now worth $1.4598 in early morning New York trading.

Gold is once again the hot commodity, as the price rises to the $1000 per ounce level. This $1000 – $1033 is a technical pivot point for gold. One of two things is going to take place in the coming weeks.

The Euro has broken the falling trendline from Aug 27th high, and stayed above it the whole time. That is why, there is still a big probability to surpass 1.4405 and head towards areas above 1.45 for the first time this year, where targets such as 1.4510 and 1.4572 are waiting.

Apparently all it took for gold to push through near-term resistance levels was a 2-day pullback in equities and concern over the pending data on non-farm payrolls due out Friday (September 4) morning.

The price of an ounce of gold has remained fairly steady, in the $900 range, since May. The current spot gold rate in early New York trade is $947.80 per ounce, a gain of $2.90 so far on the day.

Euro Dollar Some minor support and resistance levels have developed. A break of those
levels is likely to set the tone for the day.