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Nadeem Walayat Financial Markets Analysiis and Trend Forecasts

Gold 1550 to 1570 For a Range Trade, If It Gets There

Commodities / Gold and Silver 2013 Feb 17, 2013 - 05:03 PM GMT

By: Jesse

Commodities

This looks like a long consolidation, with a range trade of 1550 to 1800.

If we do get down as low as 1570 one might be inclined to step in and buy, adding to longer term holdings and for a trade, with an eye to that 1550 as a low and an upside target north of 1700.


I am sure most traders on the Street are seeing/thinking the same thing. So it might take some agility, and scaling in. And of course if too many specs pile on there, the bullion banks will deliver a short term smacking on general principle. That's what they do. It is tough playing against the house, especially when they get to deal your cards face up.

But I will also be keeping an eye on the stock markets, to see if they correlate with the metals, or if not, and how the VIX fares.


By Jesse

http://jessescrossroadscafe.blogspot.com

Welcome to Jesse's Café Américain - These are personal observations about the economy and the markets. In plewis

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Disclaimer: The above is a matter of opinion provided for general information purposes only and is not intended as investment advice. Information and analysis above are derived from sources and utilising methods believed to be reliable, but we cannot accept responsibility for any losses you may incur as a result of this analysis. Individuals should consult with their personal financial advisors.

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