BombayBulls
Long

Fast Money Is Getting Out Of The Gold Trade - 7/14/2016

FX:XAUUSD   Gold/U.S. Dollar
101 0 3
Few things which gave gold             its recent new high are fading away. Nobody fears Brexit anymore. Equities are not subjected to acrophobia either. Two big fear drivers are out right now.
Gold's inability to take out 1400             level left many fast money traders bailing out of the positions. Now 1300 is really a line in the sand. Any downfall should be arrested between 1300 and 1280 if Gold             want to sustain the rally. Otherwise 1200 will be on the radar quickly.
Only thing going in favor for Gold             right now is the action of central banks. Nobody is talking about when they are going to rise but instead how much room they still have to ease. BOJ is going to go full throttle now in desperate act. BOE has just talked today about more stimulus. In this environment we don't want to short Gold             but rather trade it from buy side.
1300 and 1280 should provide quick trade levels. And depending upon how it develops, we can either keep it or cut it. If 1280 gives away then we will reevaluate but will still look it from buy perspective for near future. Because markets may lose its fuse any time in this environment and Gold             and Silver             can rocket higher quickly. Don't be greedy and take that quick bounce to take profit partially.
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