By Teddy Sloup
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In looking for a major move in gold over the last six weeks I have turned into the “boy who cried wolf.” Gold has been range bound and not going anywhere in a hurry. Yet, once again the market feels heavy and from our vantage point there is a lot of room to move lower if gold can get a close below $1260. A close below this level opens the door to a major leg lower and ultimately a test of $1200. As has been the case for most of the last two months, it just feels like many more fundamentals have work in the bull’s favor compared to that of the bears. The market seems to not care about war, geopolitical chaos, or a U.S. Dollar that has showed flashes of weakness. This is a classic definition of a “heavy tape.” Over the next month we are leaning bearish and strongly favor adding to shorts on a convincing close below $1260. Only a close above $1290 neutralizes the bearish forces.
Chart from Investing.com
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Futures and options trading involve significant risk of loss and may not be suitable for everyone. Therefore, carefully consider whether such trading is suitable for you in light of your financial condition. The risk of loss in trading futures and options can be substantial. Past results are not indicative of future results or performance. The views and opinions expressed in this letter are those of the author and do not reflect the views of ADM Investor Services, Inc. or its staff. Research analyst does not currently maintain positions in the commodities specified within this report. The information provided is designed to assist in your analysis and evaluation of the futures and options markets. However, any decisions you may make to buy, sell or hold a futures or options position on such research are entirely your own and not in any way deemed to be endorsed by or attributed to ADMIS. Copyright ADM Investor Services, Inc.
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The risk of loss in trading futures and options on futures can be substantial. Each investor must carefully consider whether this type of investment is appropriate for them. Past performance is not necessarily indicative of future results.