Continues to look like Greece may be set adrift from the rest of Europe. The domino worry about Italy, Portugoal, Ireland and Spain following suit looms as a worse case scenario.
For 2 plus years this situation has unfolded like a slow motion train wreck. In the end though, it looks like gravity will have its way.
Gold has moved above a nice long term triangle. Yesterday it looked lik it would fall out of bed and move lower. Today, after last night’s action, gold looks to be on a break out I’d look for a potential move back up to contract highs.
Interestingly, we’ve had a lot of movement in Gold recently. I am comfortable buying gold against the 1736 level. We could very easily go back up to 1850 or 1900.
Look at buying calls here today.
This is a recomendation strictly on a technical move in prices with gold moving to the upside of a 3 month triangle formation. That is all.
CER