Looks to me like the next target is the 400DMA of 615 before the selling subsides. Bearish action continues, funds not holding onto positions into the start of the 3rd Quarter is not good imo...
Oil and gold appear to be overvalued. I think you're right about gold. Holding at the moment but seems tenuous.
in my opinion they really played the "game" good today late yest ... NEM announced bullish news or at least news that would make a huge component of the mining sector indices attract some buying today ( even if some were selling on the news ) in my opinion they made people panic on the payroll number pre open of the NYSE and then the gold drew buyers over all day long ( esp in silver for most of the morning )
NEM hasn't been the sole stock that has been rising over the past few sessions. Several of the Mid-Tier and Junior producers have been breaking out while gold prices have been shuckled around. I do expect to see a dramatic breakout in bullion prices relatively soon as a result...
My rule of thumb is that the gold price follows gold stocks by about six months or so. Given how impatient everyone is, maybe waiting only three months might be prudent, if this week's breakout in gold stocks proves to be real. So, right now I'm heavily long gold stocks, but not looking to buy gold itself until October.
Considering the amount of bullish fundamentals on gold/silver, i'm suprised gold isn't above $700 on the spot. I guess the heavily CB selling combined with the immense shorts by commercials are really dragging the metals down. oil $70+ $USD 81 Inflation = The same Demand = still high The USd index has cracked hard a couple of times lately and gold had NO reaction. Wasn't it down yesterday when the USd was down almost 1? Doesn't make sense..
How do you calculate that "Demand = Still High"? I'm not arguing, just wondering if you're using anything other than random guessing to come up with this.