Gold Getting Ready To Take Off
The countdown is on for theblastoff in gold. The churning pattern that we are seeing now means only onething -- a big move is coming. We all know that the big move can go either way,but all signs point to higher rather than lower.
The best way to play a patternlike this is to wait for a footprint confirming direction, since trying to playinside the churning pattern typically causes more frustration than profit. Aswe should all know by now, markets never announce their intentions.
Everyone wants to be a heromaking that great call on the next move, I get emails telling me gold is goingto $10,000 and others say under $1,000. I would not make either of those callsbecause I can only see one level at a time. For now, $1,200 is great supportand $1,240 is resistance. We lean to the long side but will wait for thefootprint to guide us.
Contributing tokitco.com
Follow @Bubba_Trading
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. |