Orange juice closed lower as weather in Florida remains very good for the citrus crops. The greening disease has affected crops in a big way and could cause reduced production for the next few years.
Bernanke is trying to reaffirm us that interest rate hikes are far, far away on the horizon. No tightening is to be seen anywhere soon. But the “tapering” could happen even with a very expansionary monetary policy.
According to the technicals that I like to use, the long-term trend in gold is still in play. Fundamentally, COMEX gold futures fell to $1,210/ounce on Dec. 6, 2014 and since then we have seen somewhat of a bounce higher.
FEB14 gold shot up this morning, trading up $27 to $1,261. $1275 is our next key target and resistance level. Gold now looks like it could have some momentum to the upside, and possibly approach $1,290.