Gold Remains Constructive
Each evening we
focus on the most interesting aspects for the upcoming
trading day. The comments are based on observations of the
nightly updates of the Futures and Market Bias pages. They
are provided for educational purposes only and are not
intended to be direct trading advice. Also, keep in mind
that these remarks are made up to 12 hours in advance of the
market’s opening. Therefore, overnight events may alter the
outcome of these observations.
February gold
(
GCG1 |
Quote |
Chart |
News |
PowerRating), mentioned Monday night, has formed a big-picture cup-and-handle. Continue to look for a buying opportunity here on any resumption of
strength.
face=”Arial, Helvetica”>
March bonds
(
USH1 |
Quote |
Chart |
News |
PowerRating) sold off earlier on Tuesday but
reversed to close well. This action forms a bullish outside day in a pullback
and suggests that the old highs may be challenged. Look for a buying opportunity
here.
The March Swiss Franc
(
SFH1 |
Quote |
Chart |
News |
PowerRating), mentioned Monday night, still looks like
it has the potential to rally out of a pullback. Continue to look for a buying opportunity here.
Looking Ahead
Yet
again, the meats, mentioned recently, continue to new highs. If
they pull back over the next few days, they may set up as buys.Â
March
copper
(
HGH1 |
Quote |
Chart |
News |
PowerRating) has been in a sharp rally as of late. This contract may
provide a buying opportunity on the first pullback.
Best of luck with
your trading on Wednesday!
face=”Arial, Helvetica”>Dave Landry
P.S. Reminder:
Protective stops on every trade!