Today we had a pullback finally in the USD/JPY but it was preceded by the comments from ECB President Draghi becoming more hawkish in his tone. This pushed the dollar lower and gold higher to start the day, then gold fell, rose again and by the end of the day gold started to fall. Pretty crazy day all around. Gold still struggling a bit with that $1,250 mark and the next resistance is $1,260. Over that is all we are being patient for.
The interesting thing today is the dollar was down sharply but gold didn’t move down that much overall and was steady most of the day. All in all I would say it was pretty resilient. Silver too.
As an aside, we had a great day overall with the ETF Trading Service, and the only two we lost a little on, but are still holding and were up most of the afternoon on them, were gold miners; JNUG and NUGT. Those should reverse higher here very soon. The one’s in yellow we are still long heading into tomorrow. You can find tonight’s ETF Trading Report below. Be sure to read my comments on Janet Yellen. She is absolutely clueless.
Profit in Up or Down Markets Today with the ETF Trading Service
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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.