Gold Investors Getting Nervous
Gold has virtually done nothingfor weeks, yet investors seem to be getting very nervous. There is no reasonfor gold investors to be concerned at these levels as gold continues toconsolidate.
Based on the emails I receive andthe people I talk to, gold is looking more like a buy every day. We know thatwhen a market is consolidating, it creates the biggest challenge for bittraders and investors who always want that immediate gratification.
Consolidation creates a test ofindividuals' will and more often than not puts the trader in an emotionalstate, which almost always leads to bad decision-making. This time will not bedifferent; gold traders will lose patience and sell. This will create a buyingopportunity for those who understand how to control their emotions.
We are still bullish gold andremain there until gold fails to hold the $1,200 support level. We expect thesame price action we saw the last time gold was in this pattern from Augustthrough October; gold broke to the upside. We expect the same result here, butwill exit below $1,200 if it fails.
Contributing tokitco.com
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Bubba@bubbatrading.com www.bubbatrading.com/ Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication. |