Tuesday, February 12, 2013

Ready To GO

Gold 1652 & Silver perched above 31. It is now 20 minutes to 7 EST and Obama speaks at 8. Markets look good at this moment and I am hoping we have bottomed in the metals. Some buying has shown up at these value levels and some Asian banks are coming back from the Chinese New Year this evening. I will get excited when Gold has a 17 in front of it and silver gets into the mid 32's.

The dollar appears to be rolling over, let us see if we can fall back below 80 after the Speech. I promised the chart on the Aussie yesterday and here it is.

Well the Aussie is the top chart and it is moving as I type, to the upside. You can see that support has developed at the 102 handle. We just took out 103 and I could see another 100 pips to run higher through 104.

The bottom chart is the Cad and you can see the double bottom I referred to this morning above 99. She had a decent day and looks ready to go back above parity.

Sorry to be short, I am in both of these markets as I type along with other things going on. If you are trading, just watch the markets closely and go with what they are telling you. If Obama speaks of more stimulus or hints at more spending,  watch the dollar to see if we crack below 80. Be quick and remember NO ONE EVER GOES BROKE TAKING A PROFIT!

Good Night and Happy Trading!

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