Gold is struggling with that $1,235/$1,236 level from yesterday as even the bad jobs data couldn’t boost it to a higher mark. This dip if it comes should be bought. Dollar is still over 100 and should be heading south soon with the overall stock market. We got short the market today and short oil too. Had some really good trades of late.
Your keys for knowing that gold will be taking off to $1,300 for the micro view is gold over $1,236 then over $1,250 another resistance area. For silver over $17.70.
Support is $1,220 for gold and $17.45 for silver and I would be a buyer under those amounts. Watch the dollar break 100 and confirm with a move below 99 if we are going to take off for gold.
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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.