Chair Powell to decide Gold’s next move – By Todd Horwotz, Bubba Trading

 

Today starts the FED’s Chair Powell gives testimony today to the senate banking committee. His written statement will come out at 8:30 am EDT which will create a reaction in markets and especially in gold, bonds and currencies.

The markets have been jittery waiting for the next two days of the chair’s testimony and as always trying to get in front of what those comments will be. Gold has been struggling but through it all has managed to hold support which indicates that it wants to go higher.

After the street reacts to Chair Powell’s statement, they will wait patiently to hear how he answers the questions. If he burps or passes gas the markets will react, but the bottom line is simple, and the footprints suggest that gold is going higher.

Until gold has a daily close below 1380, we are buyers and targeting 1500 as the next huge resistance level. Of course, anything can change, gold can break down but for now we are long and looking to buy more.

Financial Markets and Political Commentary
 

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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.