The big question for gold traders

The gold market has been trading in a fairly wide range recently. But something has to give soon. John C Burford examines the charts for signs of the next direction.

As traders, I reckon we should keep in mind a wonderful quote attributed to Einstein: "Not everything that counts can be counted, and not everything that can be counted counts".

This was obviously not at the forefront of the minds of algorithmic traders (aka maths geeks) in view of the high-speed trading glitch disaster last week on the NYSE.

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John is is a British-born lapsed PhD physicist, who previously worked for Nasa on the Mars exploration team. He is a former commodity trading advisor with the US Commodities Futures Trading Commission, and worked in a boutique futures house in California in the 1980s.

 

He was a partner in one of the first futures newsletter advisory services, based in Washington DC, specialising in pork bellies and currencies. John is primarily a chart-reading trader, having cut his trading teeth in the days before PCs.

 

As well as his work in the financial world, he has launched, run and sold several 'real' businesses producing 'real' products.