Gold makes new highs and Crude Oil tumbles as traders head into OPEX Friday

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GoldFutures continue to make new all-time highs as traders seek shelter from falling prices elsewhere.

CrudeOil tumbles again this morning, looking for a 4th week in a row in the red

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Looking at the news this morning, today is OPEX, and to make it even more interesting its a summer OPEX Friday, so volume is expected to be lower than normal Friday’s during the summer months.

We have no major news this morning, so we will be looking for periods of decent volume early in the morning, however, we will be looking for volume to drop after 10am est this morning if we don’t have anything that gives this market a reason to move during the open of the US Session.  Look for comments out of Europe and the US this morning to spark some interest up or down.  The key today will be to stay patient and be selective on the trades you chose to take.

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Looking at the Charts:

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I will be looking to buy as price drops to support, then looking for the break through support to sell retracements down to the next level below it.  With new highs I’m buying pullback, staying away from the BMT 84.26 and the middle of the channel.

Gold Futures are making new all-time highs yet again this morning so we need to be careful intraday trading this morning.  Buying deep pullbacks is the best way to buy gold for the long term right now, but trying to day trade with tight stops is almost impossible without getting into trouble.  Too much emotion trades at highs like these, so beware trading long or short around the highs.  Im looking for 21/34/55/89 range pullbacks (wave long) and price reversals (2step short) to get involved with Gold today.  Be VERY selective with gold, and don’t be afraid to sit on your hands on this type of market environment.  This is only temporary as well, so be patient.

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