Gold May Be Shy For A Few Days

From FXStreet: (Chicago) – Metals trade with slight losses at the beginning of Tuesday’s session in Asia ahead of the US Fed's meeting this Wednesday.

Gold stalls around the $1,352.60 zone printing 0.03% advances so far with lows at $1,351.70 and highs at $1,354.60. Silver is down 0.13% and is offered at $22.51 after trading within low boundaries at $22.46 and highs at $22.55. Platinum is down 0.30% and trades at $1,468.50 registering lows at $1,463.80 and highs at $1,472.90. Copper is also down and retraces 0.28% to now be offered at $3.26 printing lows at $3.2560 and highs at $3.2660. Palladium is down 0.99%, losing the most among futures metals, and trades at $743.05 printing lows at $742.50 and highs at $745.65.

Market participants are expectant of the US Federal Reserve meeting on Wednesday defining the interest rate decision in the incoming weeks and whether or not there will be tapering. Although data supports the QE won’t start until next spring, risk is being weighted.

 My view:

While gold is a long term buy, we can anticipate the possibility of a short term pullback very soon based on the ramblings of the US Federal Reserve's latest meeting.

Any decent sized pullback is a buy, both in the metal and the miners.

I have my eye on several miners on a pullback, including Eldorado Gold (EGO or ELD.TO) and Newmont Mining.


  1. Also take a look at IAG and ANV.... PW, cheers m8

  2. Agreed Bill, IAMGOLD and Allied Nevada Gold Corp both look gold in the medium term. If a little pullback comes over the next few days, I will be looking at an entry point then. Allied Nevada is of particular interest, since it has a nice long bottoming pattern on its chart.


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