Gold Traders Confused On Market’s ‘Mixed Signals’ - Peter Hug

Gold traders appear confused, says Peter Hug, a veteran gold trader and the global trading director for Kitco Metals. ‘The stronger dollar and the closure of Chinese markets for New Year should have produced more of a pullback from Friday’s strength. Stronger German inflation numbers should have weakened the dollar against the anticipation that the ECB may begin to tighten, but the jargon is that Draghi will continue to leave bond purchases unchanged,’ he said on Monday. He added that the world is reacting to President Trump’s travel ban, which is unlikely to create economic issues but the optics continue to suggest an inward-looking policy. There continues to be ‘mixed signals’ in the market as investors try to figure out what President Trump may or may not deliver, Hug suggests. As for gold levels, he said that should gold push through the $1,192 area, a trade to $1,202 is possible. On the downside, $1,185 should provide intra-day support. (show less)

Gold traders appear confused, says Peter Hug, a veteran gold trader and the global trading director for Kitco Metals. ‘The stronger dollar and the closure of Chinese markets for New Year should have produced more of a pullback from Friday’s strength. Stronger German inflation numbers should have weakened the dollar against the anticipation that the ECB may begin to tighten, but the jargon is that Draghi will continue to leave bond purchases unchanged,’ he said on ... (read more)

For Pete's Sake!

For Pete's Sake!
From the latest market-making swings to the forward-looking important events that could impact the markets, For Pete's Sake with Peter Hug breaks down the news. He reviews the latest information coming out of North America, Europe and Asia to help you decide how to play the week. Tune in every week to get his key price ranges for gold and find out why he hates to talk about the Fed.

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