anyone going long?
“The dollar’s recent stability, coupled with an impressive crude-oil decline in the past several days, has gold bulls on the defensive,” said Ralph Preston, a Heritage West Futures Inc. commodity analyst in San Diego. “I have a very specific trade recommendation to short the gold market on today’s break of $915 support.”
Gold futures for August delivery fell $19.80, or 2.1 percent, to $909.30 an ounce on the New York Mercantile Exchange’s Comex division. Earlier, the metal touched $904.80, the lowest for a most-active contract since May 6.
“I am recommending aggressive bear traders short gold at $912 with an $8 stop-loss at $920,” Preston said, describing a position that will produce a gain if gold falls. The trade has “a price objective of $870, risk $8, for a potential profit of $42.”
bloomberg.com
- Forums
- ASX - By Stock
- GOLD
- bloomberg...ouch!
bloomberg...ouch!
-
- There are more pages in this discussion • 13 more messages in this thread...
You’re viewing a single post only. To view the entire thread just sign in or Join Now (FREE)
Featured News
Add GOLD (COMEX) to my watchlist
The Watchlist
CCO
THE CALMER CO INTERNATIONAL LIMITED
Anthony Noble, MD & CEO
Anthony Noble
MD & CEO
Previous Video
Next Video
SPONSORED BY The Market Online