Gold moved steadily higher yesterday, finishing near the highs of the day at 1595 after finding support at 1584 on the downside. This morning, in the face of weaker oil and silver and a slightly stronger dollar, gold is continuing this move higher, hitting a high this morning of 1602.
This price action is very encouraging in light of the these outside markets - the bulls will want to see a close above 1600 today with targets of 1610, 1618 and 1630 in mind.
Today sees Ben Bernanke start his 2 day testimony to Congress, where he will be answering questions on economic policy. The markets will be particularly keen to hear what he has to say on further quantitative easing and other economic stimulus measures, this could result in increased volatility as the markets digest his words.
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GOLD CURRENT TRADE
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Long 1 April Mini Gold at 1588 on 25/02/2013GOLD CURRENT TRADE
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Stop lose at 1553
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YOU SHOULD NOT TAKE ANY MATERIAL posted on this BLOG AS RECOMMENDATIONS
TO BUY OR SELL GOLD OR ANY OTHER INVESTMENT VEHICLE LISTED.
Do your own due diligence.
No one knows tomorrow's price or circumstance.
I intend to portray my thoughts and ideas on the subject which may s be used as a tool for the reader.
I do not accept responsibility for being incorrect in my speculations on market trend.
I intend to portray my thoughts and ideas on the subject which may s be used as a tool for the reader.
I do not accept responsibility for being incorrect in my speculations on market trend.
King Regards
