In Trading Especially
Gold almost had a normal day.
With crude oil wilting today, there really wasn’t much selling pressure in the market, except on knee-jerk reactions to crude going down. Keep your eye on tomorrow’s prepared Congressional statements by “Weimar Ben”, as if I need to remind you what happened last time he went before Congress.
It could be pretty dull trading tonight ahead of this, so don’t be surprised to see a small range. While I don’t expect him to outright call for more QE, he isn’t going to turn off the printing press of easy money either. Support for more easing and we could easily see gold above 1800 by the end of the day. We’ll see what happens.
If in fact we get the small range into his testimony, one way or the other I would expect some kind of price fireworks to commence. Just be prepared for it.
Have a nice day everyone.