Gold markets have drifted a little bit lower during the trading session on Tuesday, as we continue to see a lot of noise, and of course reaction to the US dollar. With Jerome Powell speaking at Jackson Hole later this week, that could give us a little bit of a directionality on the US dollar, but ultimately I do believe it is only a matter of time before we can find some type of opportunity to start buying gold again. We had gotten far ahead of ourselves, and right now it certainly looks as if it is going to dump a bit.
The 50 day EMA sits at the $1893 level, and of course the $1900 level will have a certain amount of influence in and of itself as we had formed a major hammer there previously. Ultimately, I do not have any interest in shorting gold, and I would love to buy it closer to the $1800 level if that opportunity is offered. I will base my next trade based upon the previous daily candlestick, and not on short-term charts.
We are also in the midst of vacation season and that tends to be very quiet in general, so it is worth noting that perhaps is not the time a year to be taking bigger traded anyway. I do like buying and have no interest in selling because quite frankly I do not see how central bank policy changes anytime soon. With this being the case, I like the idea of buying dips but will let you know when I am ready to do so. Right now, I am simply on the sidelines when it comes to gold. #gold##StocksDrop#
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