Jim Iurio said on CNBC's Futures Now that gold is responding to the sell off in the two most important currency pairs, euro-dollar and dollar-yen. If the dollar continues to rally, Iurio thinks gold will have a difficult time.
Iurio is waiting for a small bounce in gold to set up a bearish trade, using futures. If gold jumps to $1,271, he is going to sell with a target on the downside at $1,246. He would place a stop loss at $1,286. He is not worried by inflation right now, but he has it on his radar.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Comments
Loading...
Benzinga simplifies the market for smarter investing
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
Join Now: Free!
Already a member?Sign in