In my view, it is no coincidence that NY cash gold closed over $700/oz on the same day that the USDX closed under 80. I look at this event as a "critical crossover" which will likely herald a new and very powerful uptrend in gold and a sustained downtrend in the Dollar. I am not taking this event lightly. There is likely some very serious ramifications for the gold price and dollar ahead...
thanks Realist for some good thoughts. check this out: http://www.bloomberg.com/apps/news?...DT0E&refer=home looks like short term hurdle for gold.
I would be very weary of reading into the standard media bias during this next leg up. (chat forum opinions should also be taken with a grain of salt no matter where one reads). what I am trying to say here is that the breakout from this intermediate pennant could make history and I would highly recommend letting the charts do all of the talking for metals traders. What I see in the charts looks very positive for the next 8-9 months at least. I would look to add at certain technical breakpoints along the way up...
partially. basis 710 breakout was significant but a new print over 750 will be much more meaningful. what I am thinking could happen here is that cash gold makes a trip up to 750-765 before October and then pushes back to 720-730 before November. From that point forward we could see a break higher over 800...
gold's move in 1979 through 1980. check these articles out and remember that gold prices can move faster than anyone can fathom. this presents a double edged sword for both the bulls and bears... http://www.bullnotbull.com/archive/gold1979.html http://www.bullnotbull.com/archive/gold1980.html
An analysis of 'what is happening' as opposed to most analysis that looks at 'what should be happening'. I find this very compelling. Dont be scared to pull the trigger Sometimes it takes courage to be a pig - Stanley Druckenmiller
Thanks for the insight via the derivative markets. I've been expecting gold to rise for quite some time and after watching the manipulators punish the bulls time and again, one gets a bit gun shy regarding the timing of the inevitable. Perhaps this is the indicator which peels away the curtain. My bullion is in the vault and I'm glad it's there.