The Free Ride in Gold Is Now Over. What Next?
by AL MARTIN (INSIDER INTELLIGENCE.COM)
(2-16-14) Our 1300.10 buy stops were hit Thursday night in the Gold. We maintained our sell orders at 1319.30 which were filled in Friday’s session as the Gold kept the free ride up for a test of 1320, something the Gold has done every time it has come back above 1300. We would look to be selling the Gold on moves up to the 1322 area.
The March Bond contract continues to be well bid. We continue to be buyers on moves under 132.26 throughout the week. Good auctions last week. We suspect the Bonds continue to be a trade on the long side.
We continue to sell the Oil on our standing orders above 101, covering on $1.00 - 1.50 dips. Oil remains overbought and is being supported essentially by the natural gas complex.
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* AL MARTIN is a market trader as well as an independent political/ economic analyst with 25 years of experience as a trader on NYMEX, CME, CBOT and CFTC. He is considered to be a source of independent analysis for financially sophisticated and market savvy investors, as well as subscribers who want to understand the behind the scenes working of markets worldwide.