Market Insights
from Walter Pehowich
Longs still in control of the gold market as we continue to witness inflows into the gold ETF’s. Gold overnight broke thru the 200-day moving average at $1,132.00, but failed to gain momentum above as selling from the Middle East put a damper on the rally.
Kansas City FED President Esther George said yesterday, “There has been no substantial shift in the outlook that would justify pausing further gradual rate hikes.” For some professional gold traders, these statements from the FED gives them mixed signals on whether to join the rally or sell into it.