Gold Can't Seem to Eclipse $1,300
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Monday gold tried to get to and through $1,300; it failed. This morning gold is back near $1,290 with an overnight low of $1,288. Gold’s failure to eclipse the $1,300 level is a little concerning because the dollar is so weak, which should have helped propel gold through $1,300
My overall opinion hasn’t changed. I’m a buyer at the $1,280-$1,290 level cautiously, which means a smaller position size with a tighter stop. The set-up looks good but the lack of follow-through should be a concern.
Silver is experiencing some of the same issues and we are buyers here around the $16.95 level, again cautiously. You must remember that patience, discipline and money management are the keys to success. Markets are quiet, lacking volume and volatility, so trade cautiously, protecting your capital