Price is oscillating around the 50 day moving average. Gold shares slightly higher today are helpful along with lower interest rates.
We will see what tomorrow brings...there are better markets to trade than gold right now to be frank.
Thursday, January 16, 2014
Quiet Day in Gold
Not much going on in gold today so no comments are really called for in my view... I will leave you with a chart with a few annotations... gold is currently trendless with neither side ( bull or bear) having a clear advantage at this juncture. Bulls have failed to break it out above $1,260; Bears have failed to break it down below $1,220. Until one of these levels gives way, it is directionless.
Price is oscillating around the 50 day moving average. Gold shares slightly higher today are helpful along with lower interest rates.
We will see what tomorrow brings...there are better markets to trade than gold right now to be frank.
Price is oscillating around the 50 day moving average. Gold shares slightly higher today are helpful along with lower interest rates.
We will see what tomorrow brings...there are better markets to trade than gold right now to be frank.
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Quite day. Thoughts, Dan on comments from Germany's top financial regulator (via Reuter's) stating currency and precious metal price rigging is worse than LIBOR? http://www.bloomberg.com/news/2014-01-16/metals-currency-rigging-worse-than-libor-bafin-s-koenig-says.html
ReplyDeleteSo quiet you can here the crickets.
DeleteFunny how all this "rigging" and "shortage" and "manipulation" rumors have not had one bit of effect on gold's price action.
ReplyDeleteHowever,
In "Stawks"...
Good news = buy stocks!
Bad news = worse is over, buy stocks!
Earnings warning = Shuck it off, buy stocks! (see Alcoa)
Taper Tantrum= Stocks rise even faster!! (See Linkedin)
Perhaps it's time to move to the sidelines and watch this madness from the outside. Once things start making sense (the economy really improves or the stocks collapse because the economy sucks), then it'd be maybe OK to jump back in.
ReplyDeleteGold right now looks to me like there's this 600 lbs fat guy sitting on its shoulders. I'm not saying that the fat guy's manipulating it, it seems he's just sitting there.
thats a good analogy .. after last week s fat finger conundrum … people are going to think VERY well before going long comex at these levels
DeleteSeems that gold prices want to stay as long as possible in this long term triangle. Boring...for the moment.
ReplyDeletehttp://i41.tinypic.com/264q0xi.jpg
Boring is nice ( time to average); before the storm--question is: a good storm or bad storm ?
ReplyDeleteIs the Gold Train Leaving the Station?
http://sentiment-trader.blogspot.com.au/p/vip-elite-group-trial.html
Morgan Stanley surging to new 5-year highs.
ReplyDeleteSame with American Express.
Bonds are now soaring with interest rates headed back down, which means the next 20% equity market correction is likely to send the 10-yr. yield down to 1.6%.
Paper shuffling, derivative parlor playing, and flipping bonds is such a profitable business these days.
Who the heck needs natural resources when flipping paper is lucrative?
Jim Willie must be puking up blood, looking at his stock screen aghast.
More signs support for the $USD (and the gubmint it funds) is waning. See link.
ReplyDeleteSince 2009.
In no way is this normal. QE is really about funding Uncle Sam's overspending since external support is dwindling. The Fed has painted itself into a corner. How long can they keep shuffling this paper?