Gold Sticks The Landing
Likea gymnast, gold stuck a perfect landing as it tumbled from the $1,240 level,holding the $1,200 support level the last few days. The pattern for goldremains solid, although the selling before the landing was ratheruncomfortable.
Tradersand investors look to the news for reasons to buy or sell when the simple truthis all the news plays out in the chart long before it ever hits the mainstream.The footprint that is seen in the charts accounts for all news, with theexception of a fundamental news bomb.
Gold,like all markets, trades independently from other markets although there arecorrelations. However, the correlations aren't immediate and don't always reactimmediately.
Wecontinue to be bullish gold and are expecting to see the next resistance levelof $1,275 sooner rather than later. As long as gold continues to make higherlows and holds $1,200, we expect the rally to continue. There are always bumpsin the road, but gold looks strong and support should hold.
Contributing tokitco.com
Follow @Bubba_Trading
Bubba@bubbatrading.com www.bubbatrading.com/ Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.  |