today could be a big one for gold. 400.00 expectations have created a lot of tension. alot of stops could be triggered either way.
so far very subdued. broke 400.00 in Asia and nothing happened. backing and filling to take another run..or drifting down, now that the magic number proved to be a bust?
"The Round Numba Is Never a Penumbra. It is interesting to see the Dow 1% below the round of 10,000 and gold 1% below the round of 400 at the same time after long periods of abstinence. Hemingway remarks that a man feels a certain degree of revulsion after a orgasm, and one wonders whether this pair will experience a similar feeling after achieving their goals." From http://www.dailyspeculations.com/
Anybody know what motivated all the panic buying in golds in the last half-hour of trading? Just funds-manager assholes desperate for a place to park their money?
Gold keeps beating its head against the $400 ceiling.Gold behaved similarly when gold was in the $315 to $330 range.It would 'nt surprise me to see gold rangebound for a couple months ,between $380 and $400.Eventually ,gold should breach that barrier also,before moving higher. How high ,is anyones guess.
Although gold behaved poorly today - failing at 400.00 - there was a terrific upsurge in all the major golds beginning at precisely 3:00 p.m. (check the charts) . There was no news, no technical signal - nothing - to motivate this seemingly coordinated buying. Was this window dressing for gold funds..or perhaps preparation to push gold through 400.00 tomorrow morning between 8:30 and market opening - before the shorts have access to cover their positions? Normally I don't believe in conspiracies or mega- manipulations, but that buying drive in the last hour was very peculiar.
=== Respectfull disagree about tek signal. $xau, for first time this year in a long time this year closed & stayed above $75. oo area. Last & first hour can be big. Could spike up to 1980 s levels; interesting over many , many years gold stocks underperform SPY, even with gold spike of 1980 s. === Searching for wisdom like a prospector panning for gold.-Solomon, trader king.
Do you follow Placer Dome? Not crazy about the price/volume patterns, but it often rises on diminishing volume then hits a high volume day that rationalizes the trend. After today's big correction from last night's close a brief back-and-fill is desirable but do you think it should be bought around the bottom trend line or do see this latest action (on modest volume) as having negative implications? Gold has a lot of things going for it right now, but two BIG things against it: a) the over-extended speculative long position; b) the probability of renewed producer forward sells. I trade Placer both ways; last night I was caught short a pile of stock. Covered this morning @ 22.05 for a small loss. Usually I'm long golds (as a way of shorting the whole fiat currency collective) but this recent action has me a tad edgy.