The threat of rising Inflation being priced in?
Gold going up, markets going up, what is this telling us, if anything?
Gold going up, markets going up, what is this telling us, if anything?
Well I think that's about it, the money shufflers have won! Good trading and good bye
Hourly Action In Gold From Trader Dan
Posted: May 08 2009 By: Dan Norcini Post Edited: May 8, 2009 at 2:09 pm
Filed under: Trader Dan Norcini
Dear CIGAs,
It is evident after yesterday’s and today’s price action that the US monetary authorities are working overtime to thwart any rallies in the Comex gold market. Yesterday’s volume was the largest we have seen in more than a month but in spite of that, open interest in the active June contract increased only by a piddly 1,883 contracts. The push by gold bulls into the $920 level set off an avalanche of buy stops which was confirmed by the meager increase in open interest in that month on a volume of 124,794 in that month alone. The volume in the June was larger than the entire daily combined volume of all pit contracts for any day in more than a month! The amount of buy stops that were set off must have been enormous. Yet, price was repulsed in the face of a massive buying binge and promptly shoved back below the $920 level again. Only a fool or a price rigger would sell in such quantity when that volume of automatic buy orders are flooding the pit.
Today we saw the exact same pattern repeated once again – gold moved up strongly into the $920 level only to be summarily executed by its enemies. Make no mistake about our enemies in the gold arena – they can read technical charts and are fearful of a breach of $920 on a close because that will bring in momentum based buying and begin an upside trending move.
There really is not much to be gained any more by condemning this government sanctioned descent into third world banana republic techniques where crony capitalism replaces free market economics. The bullion banks get billions and billions of dollars courtesy of the taxpayers to bail them out from their stupidity and greed with the caveat that they must do their master’s bidding and work to keep the pretense that the creation of unlimited gazillions in paper dollars has no inflationary consequences. Most of the investment world outside of the US and the leaders of China, Russia, etc. know that the US authorities have been reduced to rigging the gold market as our nation goes into decline. Still, until those who buy gold to protect their wealth learn that these paper markets are nothing but diversions intended to suck up capital that could otherwise be used to acquire the real physical metal, the bullion banks will be able to get away with their jig.
The Dollar collapsed today breaking below the March 2009 low and the 40 week moving average in the process. Even the Yen moved up against it in today’s session. The result was a surge higher in large number of commodities with the energy complex in particular quite strong. Crude oil has pushed within $1.55 of $60 barrel! We continue to see this reflation trade which is pushing the CCI steadily higher. While the bullion banks are attempting to prevent gold from signaling that the market shift is now away from DEFLATION and towards INFLATION by sitting on its price, unfortunately for them, they cannot sit on the entire commodity complex which is reflected in the steady rise in the CCI. Good luck guys – you are going to need it. Our monetary officials in conjunction with the current administration have put into place policies which guarantee the Dollar’s descent into mediocrity.
Bonds managed a bit of a bounce today which in the scheme of things is probably more related to profit taking by shorts. The technical damage in the long bond has been done however with the market now thumbing its nose in the face of the Fed.
The mining shares are dramatically outperforming the paper gold price with the HUI and the XAU moving up into this year’s highs once again. If the HUI can maintain its current footing as of the time I write this, it is on target to put in its highest weekly closing price for this year. The XAU is similar but not quite as impressive looking as its cousin on the weekly chart. Still, the XAU is trading solidly above the 50 week moving average and has a shot at the 100 week if it can close above 143. It is appearing more and more likely that the shares are now leading bullion. If they continue to exhibit strength, the job of the price riggers at the Comex is going to become increasingly complicated.
gold 1 hour USD
lean towards gold to came down to 920. it's is in a bullish triangle but this sideways price smells of distribution. need the trend to hold...
break of the resistance of course is bullish.
in a intraday support of a trend cont. 15min eur/usd and cable all trying to put in bottoms.
market will show us the way.....
What the hell does this mean Apocalypto? You haven't labelled your chart very well.
Gold will do what it does. Simple: a downward trend tonight on the NASDAQ and gold will rally. All quiet on the western front, and gold will likely fall.
learn to read a chart then come back to me.
if you want a exact direction in this biz stop and go to the casino.....
Charts aren't everything. Look at the last few days on the share market. But, if you want to rely on charts, good luck to you
WTF, Aussiest, you just learnt off Tech/a position sizing and how to trail a stop, now your a critique and giving advice?
Don't know why I waste my time.
By the way i traded the SPI this morning had a very nice short on 2 min..... sweet
Ah sweet, your probably doing better than me on it, lol, SPI has been bad lately, a lot of equity movement is happening in European timezone, so unfortunately, we just gap and then chop around a lot, not many big days of volatility this wk.
WTF, Aussiest, you just learnt off Tech/a position sizing and how to trail a stop, now your a critique and giving advice?
Don't know why I waste my time.
Critiquing and giving advice? I just said that techincal analysis alone does not predict the market direction. There are other forces at play.
And as for the chart, it has a few lines drawn through it. What is that supposed to mean? I could interpret that any way i like, as Apocalypto has interpreted his/her own way.
I could find many examples here of how people have cut and pasted charts, posted them here with analyses and interpreted them and been wrong.
I'm not trying to make a million dollars.
Good luck to you if you are!
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