Gold and the Euro seem to be moving in tandem for quite sometime now. With the XEU trading right up near 1.35 resistance, it is quite possible that we will some initial reaction on the ECB meeting release tommorrow. If they leave rates unchanged and don't utter some hawkish tones then the XEU looks ripe for a selloff back down to 1.3360 area. This would likely put short term pressure on gold as a result.
Gold failing to exhibit strength even in the face of stronger Crude prices, a breakdown in the USDX and with rebounding equity markets. Not a good sign. Copper seems to be backing off so we could see a solid selloff in the metals complex any time now.
I bought bunch of gold today. Why? 1) trade deficit friday. since import prices were higher than expected, I think trade deficit will also be high 2) PPI friday 3) consumer sentiment friday. Bloomberg was saying 60% of Americans now expect a recession in the next year 4) dollar already at lows, and if it goes any lower its a breakdown 5) Bush and congress in a race to see who can waste more money faster without including it in the deficit I'm losing any faith I had in our government and the dollar. When I sell my stocks I buy gold with the money out of fear that one morning I'll wake up to a dollar worth 20% or 30% less than the day before.
good move! physical is a must have imo. the price capping issues are actually short term in nature. the boyz can't seem to hold it down much after years of suppression. if you bot futures though, I am cautious on upside tommorrow. the hourly looks pretty negative with the three smackdowns at 680 we've seen this week. Friday's are also notorious for metal selloffs as well. Copper could finally let off some steam here as i think.
finally a break over 680. It seems that every major platform entails a battle amongst the market players. The next battle to be fought appears to be at 690 sometime next week. USDX is on the verge of a major breakdown it appears. The gains in the Euro, Pound and Aussie look very impressive however have a look at what some of the Asian currencies are doing against the dollar in recent months. The Malaysian Ringit, Thai Baht and Singapore Dollar are up hugely. Still holding GC/SI in the position account..
sure looks like da boyz are trying their best to beat down the metals. problem is there are plenty of bids waiting to enter from the long side. they could probably push down cash gold to 683 and silver down to 13.90 max before buyers step up imo.
be interesting to see what happen if gold taps 700. gotta figure a lot of stops on shorts and long entries hanging around that level . nobody seems to want to miss out if gold is going to break that high around 730... should be an interesting week.
Where can I follow the price of gold along with a chart? I couldn't find it on Yahoo Finance? (it's probably there but I don't know where to look)