Gold - Up Again
Gold opened higher this morning with an attempted sell off down to yesterday's high but buyers quickly stepped in and rallied this market. GLD closed up $1.27 from yesterday's close on increasing volume and range expansion. Looks like resisitance will soon be tested which is the high from February 20th of this year.
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2 comments:
I think gold will turn back here once again. The reason for gold to go up on Tuesday was the rumor about some big bank failure and the abrupt 25 points sell off in S&P 500. I think this caused the money to flow into safe haven, causing the technical levels to breach resulting in a further stampede.
Traders are holding it overnight and will sell off big once the jobless data comes in tomorrow morning. I wont be surprised that the powers to be will make sure it is something to cheer about like the one on 8/7, causing the $ to rally and oil/gold to reverse ( a repeat of last mo).
We shall see!
Kevin,
You probably spotted it already - there is a big triangle in USO forming also. Other than gold, it was started by a huge fall, so given the prevailing doctrine it should break down from this consolidation at some point. However, as you stress we should wait for the market to show us where it is headed and if it should break upwards we should pass.
Joe
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