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TheStreet Open House

A Perfect Week That Shows Just How Dangerous It Is to Trade Gold

NEW YORK (TheStreet) -- Markets and stocks were very weak and choppy and didn't give us any easy trades this past week.

We're in the summer doldrums right now. While it's no fun, we are setting up a nice long base that should set us up for nice moves into the fall which is the strongest time of year

Gold showed how hard it is to trade. I've said many times before that living in North America makes it so hard to trade the metals since so much of the action takes place in overseas trading while I'm fast asleep.

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While metals looked great last weekend, that changed drastically in the overnight session last Sunday while I was asleep.

Let's move right into the charts on this beautiful summer weekend.

Gold lost 2.28% for the week after looking so good last weekend. We are seeing a lot of breakout failures in stocks this summer and gold showed the same action this week.

Breakout failures are never good and usually signal more weakness to come. Gold did have a nice pop Thursday as the terrible news broke that a civilian airliner was shot down.

Gold gave back much of those gains Friday and I think it was just a reaction to the news type of move that will not last.

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