Gold Futures About-Face

Gold futures retreated after two “up-days” and investors looking for a safe-haven from impending war was halted by opposition from Russia and other nations.  Gold futures have been down over $20 per ounce most of the trading day.

As a US Senator’s committee prepares to vote on the President’s request to strike Syria, the Russian President says he will only support a UN-approved resolution for military strikes ONLY if conclusive PROOF is presented that the Syrian gov’t used chemical weapons on its own people.  This at least slows down the pace of a military strike.
           
Christian Moreno, a commodities broker for HighGround Trading Group in Chicago, had this to say regarding the current gold futures situation, In my opinion, gold (futures) will move lower if the market is convinced we will not strike Syria.   There was premium built into gold (futures) based on that assumption.”  Moreno adds,Russia not supporting military action in Syria is just one of many obstacles the US faces that may help send gold (futures) prices lower.”

Gold futures trend is up with no “top” yet in sight.  I am looking to buy somewhere in this “dip” in gold futures prices.

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