Wednesday, July 17, 2013

No Love for GOLD

Great day for Big Ben, no major disruption for the US equity markets and Gold couldn't even touch $1300 and now we sit at 1277. Very frustrating and I must admit after watching today's price action in Gold, I just cannot be interested unless equities start falling apart or OIL breaks even higher up above $110 per barrel. Right now we are at the support level I had mentioned last night and I URGE YOU TO USE CAUTION! It appears the BEARS are in charge for now and all the GOLD bulls have a challenge ahead. This daily chart just does not look good at the moment.
As for the currency markets, the Euro did trade back below 131 today a couple of times but there seems to be some buying interest coming in around 13085. The Aussie and Cad just watch the equity markets as your guide. The Aussie is just shy of 92 @9180 as I write and the Cad is waffling around 96. If you are long it may be smart to place stops below 9550 in the Cad and 9145 in the Aussie. With not much action or movement from Ben's testimony today and no real new news to report, I am keeping this post short.

Good night and be safe
Martin

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