Gold, Silver Choppy; Crude Crushed
Suyog Chandak | Aug 11, 2016 01:46AM ET
Gold:
After gapping up yesterday, Gold sold off for the rest of the session indicating lack in direction and choppiness. It may take a few sessions for Gold to figure out which direction it is headed in. We may see a good setup right before Gold decides to move. But, for now, it's best to stay away and get caught in the choppiness.
Current Call: Avoid
Silver:
Silver is down in early trade. After gapping up yesterday and being strong for the early part of the session, Silver sold off. It may be slightly choppy before it finds direction so I will avoid trading it.
Current Call: Avoid
Crude Oil:
Inventories were not kind to Crude. Crude was absolutely crushed after the inventories data. It was trading at 43.2 for a bit before crashing about 4% to 41.5. We usually see inventories set the tone for the rest of the week.
After putting in a spinning top doji, Crude moved lower indicating the start of a small term downtrend. It could possibly retest lows at 39 again. But, to get in now looks like more risk than I would like.
Current Call: Avoid
Get The News You Want
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.