Short-Term; A Pro’s Market | Commentary by #Kitcos Peter Hug ▸ - TopicsExpress



          

Short-Term; A Pro’s Market | Commentary by #Kitcos Peter Hug ▸ OnKit.co/qvG7b The lure was presented early yesterday and traders chased the price higher, only to find when hooked, that the market had provided a head fake. #Gold promptly held the $1,325 level and eased down for the remainder of the day, settling close to support. We cautioned yesterday about being trapped and continue to suggest to wait for the break of $1,312 or $1,325 before committing. The trade is squarely focused on the US #dollar, with growing support of an #EU interest rate cut on Thursday. The #Euro is trading near important support pivots, which if broken, would increase the momentum in favor of the #USD and be price negative for the metals. Should #Draghi hold on Thursday, expect a relief rally in the Euro and the metals. And all through the country not a politician was stirring, as Santa was expected carrying a bag of debt. Do not sell your core holdings.
Posted on: Tue, 05 Nov 2013 15:40:07 +0000

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