$1,285 Level Key In Thin Summer Trading – Peter Hug

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On this edition of For Pete’s Sake!, Peter Hug speaks with Kitco News regarding the “typical summer market” where thin volumes and lackluster interest in the market make for long days. “The market is trading off news points, and whenever something exciting comes out…the move doesn’t last a very long time. You get a kneejerk reaction,” he said. “It’s a market that has no conviction, is very very thin and traders are just trying to push it around.” A key level for Hug is the 200-day moving average of $1,285, a level that if breached could send gold tumbling into the $1,260’s. Tune in to hear Pete’s thoughts. Kitco News Aug. 5, 2014.

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