Comey Testimony and ECB Policy Outcome Prompt Profit Taking

June 8, 2017 - 5:29pm

 by Gary Wagner

Gary S. Wagner - Executive Producer

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Gold Forecast: Proper Action
We are currently flat, with no active trades.  
We were long gold from 1264. Tuesday we sent out a TRADE ALERT to move Stop below 1280* 
Leg 1  Long June gold at 1225.00  Out at 1260 for a profit of $35.00 or $3500 per contract
Leg 2  Long August gold at 1264.00  Out at 1278 for a profit of $14.00 or $1400 per contract
Total Profit on trade is $4900 per contract
 
 
Gold Market Forecast

In hindsight the writing was on the wall when James Comey released a transcript of today's opening statement made in his testimony to the Senate.

Traders and investors voted with their trades, and based on the lower pricing witnessed over the last two days in gold believe that there is no evidence that President Trump had committed any impeachable offense.

As such we saw safe haven assets move lower and US equities move higher.

Sentiment Indicator: