From the Trading Desk
Gold was looking vulnerable but managed to hold above its 50 day moving average for the third day in a row today. Following consecutive down days, gold gained ground as equities floundered and turned further south. Japan’s Nikkei hit a two month low which spurred physical demand in the broader Asian region. While China exhibited an appetite for gold overnight, it is still worth noting that Indian demand is disappointing with data showing that February imports fell by a third in comparison to February of last year. Silver faked traders out on Friday by dipping below its 100 day moving average only to rally above it into the close. The 100 day moving average is now support while its 50 DMA at $15.20, also the high of today, is near term resistance.
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About Doug EberhardtDoug Eberhardt is a 28 year financial services veteran and precious metals broker selling gold and silver at 1% over wholesale cost. Doug has written a book to help investors understand how gold and silver fit into a diversified portfolio, how to buy gold and silver, and what metals to buy. The book; “Buy Gold and Silver Safely” is available by clicking here Contact phone number for Buy Gold and Silver Safely is 888-604-6534
Disclosure:
Commodity Futures Trading Commission Futures and Options trading has large potential rewards, but also large potential risk. You must be aware of the risks and be willing to accept them in order to invest in the futures and options markets. Don’t trade with capital you can’t afford to lose. This is neither a solicitation nor an offer to Purchase/Sell futures or options. No representation is being made that any account will or is likely to achieve gains or losses similar to those discussed in this outlook. The past track record of any trading system or methodology is not necessarily indicative of future results.
All trades, patterns, charts, systems, etc. discussed in this outlook and the product materials are for illustrative purposes only and not to be construed as specific advisory recommendations. All ideas and material presented are entirely those of the author.