Gold Strong, Silver Consolidating, Crude Weak
Suyog Chandak | Jul 28, 2016 11:55PM ET
Gold
Gold looks strong—that's the easiest way to put it. There's a lot of factors adding to gold's strength, the Fed decision to maintain interest rates at 0.5% being a new addition. Holding gold and trading it correctly could yield a good reward. There is no reason not to be in a long position in gold right now. It could take out year highs very soon.
Current call: Hold longs
Silver
Crude Oil
After a failed reversal trade crude continues to remain sluggish. It is highly likely it will move lower towards the 38-39 area before it starts moving higher. For now, if you were long off 42, I'd expect everyone to be out. The bears look much stronger.
Current call: Avoid/hold shorts
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