Author: Paul Ploumis21 May 2015 Last updated at 02:52:02 GMT
(Kitco News) - It might be better for gold traders to sit and wait, say Mitsubishi analysts ahead of the Fed minutes release.
“Once again we will see that the fiduciary brain trust has come up with more clever verbiage in which they justify their decision to postpone the inevitable,” they said inthe Bullion Daily Report slightly before the release of April’s Federal Open Market Committee minutes.
“Participate in this chicanery at your own peril. But if gold rallies, sell it,” they add.
They note that not only is the market is still ‘too long,’ but there is also a three-day weekend ahead as well as first notice day for the June Comex futures.
“Tree still needs a little more shaking,” the firm says.
Courtesy: Kitco News