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The gold markets fell during the session on Wednesday, but remain in a fairly tight trading range as the markets simply have no new news to move upon. We are still stuck between the $1540 level, and the $1640 level. Because of this, we are very cautious to trade this market as it seems very choppy at this moment in time and seems to be looking for a catalyst to break out.
In summer trading, we need to look at this as a range bound market predicated mainly upon the fact that many traders will be gone. Because of this, we can advocate buying closer to $1540 and selling closer to the $1640 levels. Until we break out of this range, all trades should be closed by the end of the day and only taken at the extremes of the range.