with the Gold 1120 close...it now looks like the weekly S1 of 1135 has now become the new R1...look for bounces back down off 1135
what you guys think? We bounce up from these levels... Looks like a nice support. But it's not moving much up. I would expect move harder.. We still got 45minutes left to see how things will fare...
Everyone is waiting for numbers to cover/reload at from 1110 down to 1050 where India bought from all the commentary I've seen. Its all paper promises anyway. I heard COMEX "delivered" GLD shares to anyone that wanted to take delivery of bars. Good luck getting any actual metal. The CB's appear to be keeping/locking that down for themselves. Premiums on real gold have skyrocketed and all you can find is oddball stuff in smallish qtys unless you are willing to pay $80 over spot for plain bullion coins. I added today on the continued slamming even though the 50 ma didn't get hit. Better than holding onto dollars and watching Bernanke, Geithner, and Obama literally scuttle it on purpose. Eventually they will succeed, IMO.
Just because India paid $1046 or whatever they paid does not mean that in five years (or in five days) that will be a bottom. A state can get it wrong just the same as any trader can get it wrong. Look at the states who bought into our banks, including those which failed. They ended up with zero. At least gold will be worth something. Could be $500 and it could be $5,000. Only time will tell.
a very interesting question would be...what would it ever take to get Gold below $1,000 again?...Oil tamking from $140.00 clearly showed it was "not the real deal" at that level...what about Gold $900 again?
Another deleveraging WIPE-OUT... I wonder how many millions would lose jobs in a 2nd round of the wipe-out game? Maybe they decided the medicine to cure high gold prices is worse than the disease.