Re: LHG - Lihir Gold
Looks like it will pull back a bit today. A stronger dollar may be a problem for the gold uptrend - along with Bernake speeches this week.
Jim Sinclair writes today:
"Since most of these indicators have come modestly positive on balance, the dollar market is placing its bet on that continuing by rising. Gold is off slightly while gold shares remain in the tank.
We have a bull trend in gold above a major break out, a bear phase in the absolute majority of gold shares and a positive dollar market. Now there is a mix that could give anyone heartburn.
There is no question in my mind we will trade up to and possibly beyond $800 which in retrospect will be seen to have been part of this upwards move now.
I would tend to take a contrarian approach to gold. I would under no basis chase the price of gold up as a buyer - I prefer to buy gold on reaction. I do not buy strength. We have a perfect indicator now in the Platform for if gold is to deny the shares it needs only to remain above that level.
We are going for three closes above the Platform.
Be careful in your trading activities as Hedge Fund and Political readers have a perversity in their trading actions. Please do not chase strength with buys. Here we buy weakness. Sit still on breakouts and sell strength, TA guided.
My strategy is to hold my speculative trading gold position, stopped slightly below the Platform.
To Investors we are going to $750 – $887.50 and $1650."
Looks like it will pull back a bit today. A stronger dollar may be a problem for the gold uptrend - along with Bernake speeches this week.
Jim Sinclair writes today:
"Since most of these indicators have come modestly positive on balance, the dollar market is placing its bet on that continuing by rising. Gold is off slightly while gold shares remain in the tank.
We have a bull trend in gold above a major break out, a bear phase in the absolute majority of gold shares and a positive dollar market. Now there is a mix that could give anyone heartburn.
There is no question in my mind we will trade up to and possibly beyond $800 which in retrospect will be seen to have been part of this upwards move now.
I would tend to take a contrarian approach to gold. I would under no basis chase the price of gold up as a buyer - I prefer to buy gold on reaction. I do not buy strength. We have a perfect indicator now in the Platform for if gold is to deny the shares it needs only to remain above that level.
We are going for three closes above the Platform.
Be careful in your trading activities as Hedge Fund and Political readers have a perversity in their trading actions. Please do not chase strength with buys. Here we buy weakness. Sit still on breakouts and sell strength, TA guided.
My strategy is to hold my speculative trading gold position, stopped slightly below the Platform.
To Investors we are going to $750 – $887.50 and $1650."