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?