Gold Rotating around the mean – By Todd Horwitz, Bubba Trading.

 


Four the past week gold has made some moves in both directions as it rotates around the mean. The intraday swings have been volatility but by the end of the day gold sits near where it started. This is very common in all markets when they are setting up the next move.

As we wrote yesterday all signs point to the yellow metal trading down to the 1280 level. Obviously when it comes to markets there is no guaranty that Gold won’t go lower than that or that it won’t breakout to new highs.

At the end of the day all we can gauge our opinion on is the current footprint being left by the money.

The money shows there is a greater likelihood that Gold is going lower first. The current range is 1280 – 1300 and until something changes the next stop appears to be 1280.

Todd Horwitz
Chief Strategist
BubbaTrading.com

Financial Markets and Political Commentary
 

Tags

, , ,

Related Posts

About the author

Todd Horwitz - Author of “Average Joe Options“. Todd began his trading career in 1980 at the CBOE. He was one of the original traders in the OEX & helped start the SPX. He is a member the CME where he trades S&P futures as well as foreign currencies & is a regular contributor to CNBC, Bloomberg, BNN, Fox & many other major news networks.