Peter Hug Is Back Talking Gold Ahead of Jackson Hole

Traders are nervous ahead of this week’s meeting of central bankers at Jackson Hole, Wyoming, this according to Peter Hug, a veteran trader himself and the global trading director for bullion dealer, Kitco Metals. The meeting is expected to provide clues on central-bank monetary policy. ‘I'd be a little nervous here...if comments are made over the weekend, there could be some volatility on Sunday,’ Hug said. ‘A market that is skewed to the long side is likely to take some profits and probably flatten out the position going into Jackson Hole,’ he added. Hug said to look for $1,282 gold to hold, with secondary support at $1,278 an ounce. The upside requires a close above $1,297 to set up a break above the $1,300 print. Kitco's spot gold index was last down $6.70 at $1,285.60 an ounce. (show less)

Traders are nervous ahead of this week’s meeting of central bankers at Jackson Hole, Wyoming, this according to Peter Hug, a veteran trader himself and the global trading director for bullion dealer, Kitco Metals. The meeting is expected to provide clues on central-bank monetary policy. ‘I'd be a little nervous here...if comments are made over the weekend, there could be some volatility on Sunday,’ Hug said. ‘A market that is skewed to the long side is likely to ... (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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