There's several gold newsletters out there that are not bullish after the second attempt at the big 1K, and the XAU is not looking like a decision has been made on the part of gold equity investors to commit or capitulate - yet.I thought mostly everyone was bullish on gold UF haven't seen any real bearish comments
There's several gold newsletters out there that are not bullish after the second attempt at the big 1K
http://www.abc.net.au/rn/breakfast/stories/2009/2520173.htmA few people were sounding the alarm about the US sub-prime mortgage market well ahead of the crash. One was the leading Asia-based equity strategist Christopher Wood, who told his clients back in 2005 to sell all their exposure to US mortgage-backed securities.
Wake up Sinner. Looks like the Fed has helped things along a little. In USD terms for now anyhow.
http://www.marketwatch.com/news/sto...732-2AD2-4F2F-833A-B7FFFC85451D}&siteid=yhoof
This is the problem with charts. When fundamentals kick in they are useless, and you get a $50 jump in minutes.
Lucky we just discussed quantitative easing. We see it now in action, USD down over 4% less than 2 days.
So at least we know why the US dollar dropt yesterday.
Date: 19 MAR 2009
Market: Spot Gold CFD
Level: 887.02
Stop (Not Guaranteed): 881.02
This chart is SPDR GLD and 30y bond yield (which moves inverse to bond price, i.e. bonds up yields down).
Goldbugs are suggesting a flood exit from bonds i.e. "bond bubble". Even Marc Faber is short bonds and I like him. In my RYJUX thread I suggested it might be a good time to get in short too (double short in fact). Now I am not so sure: gold is forecasting bond strength now.
i.e. we should see a drop in yield from here.
(Although if you are a pairs trader you would go short gold and short bonds here)
BOND REPORT
Treasurys skyrocket as Fed set to buy U.S. debt
Yields reverse all of 2009's climb
By Deborah Levine, MarketWatch
Last update: 3:45 p.m. EDT March 18, 2009Comments: 51NEW YORK (MarketWatch) -- Treasury prices soared Wednesday, sending yields plummeting by the largest amount since 1987 after the Federal Reserve surprised bond investors by saying it would buy $300 billion in longer-term Treasury securities over the next six months.
Yields on the benchmark 10-year note , which move in the opposite direction from their prices, declined 50 basis points to 2.52%, the biggest drop since the stock market crashed in October 1987.
Thanks CapnBirdseye, by then I was well passed out, dreaming of sunshine and butterflies.
Err what? The chart worked perfectly in terms of both fundamentals and technicals.
My confidence in gold fundamentals would not have convinced me to go long gold last night, but the technicals did!
So projack, did you go long on gold last night? My current profit on this position is 42 points at 100USD per point and I would have just has happily gone short on a break down from 881.
I have included below the 5m chart continuing from where my last chart finished. We can see buy signal developing on RSI and stochastic. Thankyou technical analysis for allowing me to position before the "$50 jump in minutes".
We use cookies and similar technologies for the following purposes:
Do you accept cookies and these technologies?
We use cookies and similar technologies for the following purposes:
Do you accept cookies and these technologies?