Gold prices: Traders who missed lows wait for a dip
听bulls are feeling more comfortable as the precious metal听听on positive economic data, but is it time to get in the trade?
听鈥淚 got unlucky in not turning bullish properly,鈥� noted investor听听said Tuesday. 鈥淚t鈥檚 still a long-term bull market, and I鈥檒l get bullish again. It looks like I missed the lows. Those things happen.鈥�
听The听听publisher made headlines when he announced he had听.
Spot gold听was up above $1,614 per ounce on Wednesday. U.S. gold futures听were up $38 at $1,604 per ounce. Shares of听, the gold ETF, traded at $156.
听鈥淚f gold鈥檚 good, it鈥檚 not going to give Dennis a chance to get back in. It鈥檚 sort of like, if everyone can get in, then why bother?鈥� said听, founder and CEO of MBF Clearing Corp. 鈥淢arkets that are really good, stocks that are really good, positions that are really good, you get one chance.鈥�
听鈥淔ast Money鈥� pro听听said he would wait for a pullback below the gains GLD made over the past four days.
听鈥淭hat鈥檚 the level that I鈥檇 look for it to break before you try to reload, and that is basically to break through $149 again,鈥� he said. 鈥淚 don鈥檛 know that it does.鈥�
听Dennis Gartman said that听听鈥� and copper 鈥� were worth a look.
听鈥淚 think the most important thing to look at, though, is what鈥檚 going on in the grain market. You鈥檙e leaving gaps behind in everything,鈥� he said, noting that beans, corn and wheat were holding gains. 鈥淚 think you鈥檝e got something going there that might for a period of time.鈥�
Copper, too, provided another signal.
鈥淭he strength in the base metals is telling you that the global economy is in better condition that people thought it was,鈥� Gartman said, adding that there were probably too many people who where short. 鈥淎ll I can tell you is you don鈥檛 want to be short of it right now.鈥�
Brian Kelly wasn鈥檛 a buyer.
鈥淎蝉 China goes, copper will go,鈥� he said. 鈥淐hina buys about 40 percent of the global supply in copper, so if you feel like the Chinese economy is reaccelerating that鈥檚 where you want to be. I myself personally will wait on copper. I think you can have a much better opportunity buying U.S. stocks.鈥�
Kelly added that seasonal effects and China鈥檚 reliance on exports to Europe made him skeptical of an economic rally for China.
