Pundit's Perspectives – Tue 10 Dec, 2013

Gold breaks Resistance

Trader Dan is keeping up to date with the gold market and has some interesting comments that pertain to the price action this morning. A key point Dan brings up relates to the trading activity on November 29th when gold tested the $1,210 level “In looking at the chart there are two things to note. The first is that HUGE VOLUME that I have noted on the chart when gold went back down and RETESTED the recent low of $1210 on that payrolls number. As mentioned in a post that day, the price action caught my attention as it portended a possible exhaustion day of the bearish leg lower. Gold however was unable to extend past the initial resistance level noted on the chart which would have confirmed that $1210 region as a double bottom on the chart. It did so today however and that needs to be respected.”

People in the market seem to be moving more bullish but now the question is when will those out of the market change their perception of gold?

Click here to read Trader Dan’s full post.


Comments:
  1. On December 10, 2013 at 11:11 am,
    Andrew de Berry (Rev) says:

    ‘Gold is the money of (true) kings, Silver is the money of gentlemen,
    Barter is the money of peasants, but Debt is the money of slaves’.

    Norm Franz

    • On December 10, 2013 at 11:37 am,
      Big Al says:

      Amen

    • On December 10, 2013 at 12:44 pm,
      SILVERMAN says:

      ANDREW, THAT SOUNDS GOOD. I MUST BE A GENTLEMEN. ARE YOU A KING?

      • On December 10, 2013 at 1:29 pm,
        Andrew de Berry (Rev) says:

        Hopefully more of a gentleman than a king….SILVERMAN.

        • On December 10, 2013 at 2:52 pm,
          Big Al says:

          Take out the word “hopefully” Reverend.

          • On December 11, 2013 at 1:00 am,
            Andrew de Berry (Rev) says:

            But you’re a hard act to follow Al!

  2. On December 10, 2013 at 11:22 am,
    Bird Man says:

    Nice article from Trader Dan. I particularly liked this piece of his anlaysis:

    “It should also be pointed out that we are now at that time of the year when some traders are going to begin squaring books for the end of the year. Shorting gold has been a fantastically profitable trade for 2013 and many shorts will look at the recent price action and decide to actually book those profits before they slip away.”

    • On December 10, 2013 at 11:37 am,
      Big Al says:

      He makes a good point.

  3. On December 10, 2013 at 2:40 pm,
    Andrew de Berry (Rev) says:

    Although he remains a firm advocate of gold, Congressman Paul envisages bitcoin as being a participant in destroying the dollar.

    http://video.foxbusiness.com/v/2916084919001/ron-paul-bitcoin-can-be-a-participant-in-bringing-down-the-dollar/

    • On December 10, 2013 at 2:53 pm,
      Big Al says:

      You know Reverend, it could but I don’t think that it currently has either the staying power or the credibility.

      What do you think?

      • On December 11, 2013 at 1:02 am,
        Andrew de Berry (Rev) says:

        I’m still trying to learn as much as I can re bitcoin. If Ron Paul and Big Al have a problem getting their heads around it I don’t stand a prayer!

    • On December 10, 2013 at 7:53 pm,
      Dick Tracy says:

      Bitcoin could possibly destroy us all if the government manages to use it or another crypto currency. I just don’t like how much control they could then assume over individual rights.DT