And now we’re in a situation where we’ll have to see whether or not the currency markets could give a hand. After all, the US dollar starts falling, it is possible gold gets a bit eventually, but there’s so much going on right now at the same time that it’s not a huge surprise that we’re still in this $300 range. I believe that this is a buy on the dip market until proven otherwise and that would be somewhere below $3,000.
So, you have to be careful with gold. It is moving on the latest headlines right now, which makes it a little bit difficult to trade. So, position sizing will be crucial. This is going to be true with any commodity at the moment, but especially gold, as it’s considered to be a safe asset, and one headline coming out of the Middle East could turn things right back around. But as things stand right now, it looks like everybody’s pretty relaxed, and it has taken some of the fear trade out of this market.
For a look at all of today’s economic events, check out our economic calendar.
