gunDriller
2nd July 2010, 05:05 PM
"The longer-term weekly gold chart looks okay as it shows the uptrend intact but next week’s price action will need to see gold stay above $1,175 on a closing basis to keep the bears from further entrenching themselves. That chart shows some indicators turning lower so bulls will need to take charge next week to prevent any further deterioration getting displayed. A weekly close below $1,165 would not be at all helpful."
http://jsmineset.com/
Which chart shows some indicators turning lower ?!
the only chart in the post -
http://jsmineset.com/wp-content/uploads/2010/07/clip_image0013.jpg
I know he knows what he's talking about, but I would love to hear the sequence of impending economic events that would take gold to the $1170 region, like JS is talking about. I know the perceived strengthening of the Euro contributed to yesterday's price action, speculators who were shorting the Euro in favor of the gold & US$ got hammered & a few hedge funds went out of business (silver lining ? ;D )
The official reason people are saying - because Spain had a bond auction that went well ?! I think it's just $5 Billion worth of bonds, about that amount. Sh*t, the speculators could probably make money buying the Spanish bonds, to make the Euro look strong, and then cash in on their Euro-long bets.
My guess is, some people made way more than $5 Billion on the Euro rally, so they could certainly afford to fake a successful Spanish auction.
http://jsmineset.com/
Which chart shows some indicators turning lower ?!
the only chart in the post -
http://jsmineset.com/wp-content/uploads/2010/07/clip_image0013.jpg
I know he knows what he's talking about, but I would love to hear the sequence of impending economic events that would take gold to the $1170 region, like JS is talking about. I know the perceived strengthening of the Euro contributed to yesterday's price action, speculators who were shorting the Euro in favor of the gold & US$ got hammered & a few hedge funds went out of business (silver lining ? ;D )
The official reason people are saying - because Spain had a bond auction that went well ?! I think it's just $5 Billion worth of bonds, about that amount. Sh*t, the speculators could probably make money buying the Spanish bonds, to make the Euro look strong, and then cash in on their Euro-long bets.
My guess is, some people made way more than $5 Billion on the Euro rally, so they could certainly afford to fake a successful Spanish auction.