What say you Gold?
As I tweeted (@backmonth) earlier this morning, the lack of movement in gold is somewhat of a conundrum to me. The stock markets have been massively volatile and the bearish sentiment is the highest since the early part of 2009. Yet, gold has been mired in this range from roughly 1170 to the 1250 area. I noted earlier this week that gold might breakdown on a good report and breakout away from this top with a lousy report. We got a mediocre one and gold barely budged. As we enter the next week, I think I will start playing gold from the short side. I do not like the action in the greenback and its collapse yesterday following jobs (or as I tweeted the big move in the Yen) but I just don't see the marginal buyer in gold out there and if there is no marginal buyer, then there is no rally. A move over 1270 would change my opinion on things.
No comments:
Post a Comment