1. Print Friendly
  2. Commentary Archive
  3. About Peter Hug

Fear Premium Has Been Sold

Thursday March 20, 2014 08:23

The selling accelerated again overnight, as the $1,337 level was breached, after Yellen’s comments that tapering would continue and the Ukraine situation fades from memory. The damage “looks” dynamic, but technically the markets are still constructive. However, the $1,317 level needs to hold today or traders will set their sights on the critical 200-day moving average, now around the $1,306 level. The primary catalyst for the continued selling is the significant appreciation of the U.S. dollar overnight, with the Euro down some 150 points and resource currencies, such as the Canadian dollar, down 200 points in two trading days. Most of the selling, for this week, is probably behind us and I suspect some consolidation here into the weekend. Traders that sold the news on Monday may want to consider taking some off the table.

By Peter Hug
Global Trading Director
Kitco Metals Inc.

 

 

Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in precious metal products, commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.
kitco news

Precious Metal Charts

Click to see this Precious Metal chart
  1. 24h
  2. 30D
  3. 60D
  4. 6M
  5. 1Y
 

Interactive Chart