Huge move in the EUR/USD pushed gold sharply down, could we possibly see a new all time bottom next week?
The attached chart shows the current fight between the Gold Bulls and the Gold Bears. For today the bears won and took the red channel. Makes for GREAT trading!
by the way ... notice how the trendline was violated both to the upside and downside in the last two weeks
When ever you analyze Commodities charts, especially futures charts. you will simply see that, when you put up volume, that there is NO WAY price will go down, if there's no dumping, obviously! Now, who the f* do you think creates this? the big guys, I do not know who they are, but I DO know they are there. The only reason GOLD has plummet, is simply because, let's call them "the mob", decided: "hey guys, guys! I have an idea, listen up! What if we started dumping gold futures. I just feel now's the time. The masses are going long, but we have more margin, let's take this call! IT ONLY TAKES 20000 contracts to do it, the herd finish the job!!" "John, great!, I'll check what mood the herd is in" *Mark goes visiting large forums, checks CNN/CNBC, listen to these idiots, and concluded that the masses expect a drop down around 1000-1030. "Guys, next week we start" ...The rest is history. So again, I hear all of you (the herd) saying:"hey I think it's going to 850!!", no I think it's going to 790!!", yadaydayda... Do you have any idea what will happen? Whenever you analyze a herd of sheep, you will realise that it takes little or no effort to create fear amongst them. This is EXACTLY how this occurred. All you suckers got kicked in the nuts, because you think that the Economy is a parameter of the markets. This is a fundamental handicap. Get this straight: The markets are a parameter for the economy. Whenever the mob decides to let the prices of soft commodities sky rocket, THEY WILL DO it. These people at the top are a money-hungry elite, who live in a fantasyland. To trick you DAY IN, DAY OUT These guys are the monsters behind market crashes, they are behind the "bubbles"... These guys are EXPERT in what they do, they have been doing it since the 19th century.
Dollar rallies are getting weaker and weaker. I say enjoy what rallies you get, while you get them. My guess is this dollar rally ends tomorrow.
Well, I guess you're wrong about that. the usd is trending up,and the euro is now shaky at best. remember, the europeans do not want a higher euro, sure it makes gas cheaper, but it harms the GDP, and the central banks would not want that. I say the Fed may well raise interest rates as it has to deal with inflation...we'll see. At the least, I do not expect further cuts at this time. Gold is plummeting down to at least $800, and maybe down to $600. I sold off my short gold position to-day. Thought we might be in for a breather.
honestly, do many not get it?..want to know where Gold is going...watch OIL...it literally tracks it...as Oil, so with Gold...and Gold totally goes opposite of the DOW/SP...so watch for that inverse relationship...thoughts?
don't forget gold's been in a raging bull market for over 5 years. while 800 is still somewhat possible to maintain the bull market status, 600 will essentially push it into a bear market... care to explain what fundamental reasons there are for a bear market in gold?