U.S. Pulls Out of Iran Deal; Gold Fails At $1,318
President Trump announcedintentions to pull out of the Iran deal Tuesday, which caused some volatilityin all markets. Equities whipped around only to close near the unchanged line.Oil got clobbered but cut most of the losses and is back on four-year highs,and gold failed at $1,318.
It's obvious that gold has someissues to deal with and is headed lower. Throughout much of the recentuncertainty when gold should have been rallying, it has not. Gold has beenconsolidating the last week and once again failed at yet another attempt tobreak the recent downturn
One thing we know about allmarkets -- when they should be going up and they are not, that is an indicationthat there is more selling to come. Gold is in that category now. It shouldhave been rallying but continues to show weakness, indicating that $1,280 isjust around the corner.
Keep those stops tight.
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.