Tuesday Commentary from Chris Temple
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And ever and ever and ever, Frank!
Hey guys. What do you think occurs at 10 am EST that has such an impact on the sudden change in the price of gold?
Someone looked at OPTION EXPIRY, and saw gold go up for a change rather than being sold off……….MAYBE, MAYBE NOT…………………..
My best guess is one of 2 things: the accelerating drop in the US $, and/or the rumors of Iran seizing a cargo ship. But like I said today, while it’s nice for gold bugs to see the metal move a bit, it means nothing until we get a solid close north of $1225/ounce with INCREASING volume and momentum.
I would agree with that Chris. On a weekly chart the past two days action looks like a pimple on a mosquito. Its nothing to write home about.
BTW, those were terrific comments you made today especially about those who might be selling to raise cash down the road and what they will be selling. We should not let the obvious outcomes and reactions to events fade too far into the backs of our minds as we run in circles trying to divine the sanity of the day to day markets.
And that is the point Bird, there is very little sanity associated with the day to day markets!
Cory and I discussed this and both agree that watching hour to hour moves will absolutely drive a person crazy!
Agreed Big Al, the longer term charts provide a better vantage point.
However, I am crazy, so I like the hourly charts because I’ll trade a move in Gold or the miners on a very short time horizon (2-3 hrs to 2-3 weeks depending on the trend and my plan based on the technical indicators). You do have to watch it like a hawk, because it is like 6 months of activity happening in a 2 -6 hour window at that level.
I agree Chris Temple, but have a slightly lower first target of $1221-1222. If Gold closes above $1225, then $1239 is next resistance. These little blips up are inconsequential, but what happens on Wed afternoon and Thursday will set the tone for the next 2 weeks.
LONDON FIX 1209……..
Temple,
I agree with the 1225 statement. If we do close above that, I will expect another 6 months of chop in gold. If it breaks down soon, we should get the washout.
Doc,
The 10 AM play is an odd one. No rhyme or reason.
Doc,
What are your thoughts on the dollar? Maybe hit hits the .95 area and starts another run up to the 107 – 111 area , then tops long term?
Looks like that to me anyhoo. The dollar is the lynchpin.
You are right Chartster, the dollar is the variable most traders are watching. I personally do not see it dropping much more before another run… Much like your assessment.
The Euro is going to break resistance anytime in the next 24 hours I suspect. Damn close now. I don’t see it reversing back down right now.
BOOM! TO DA MOON! YEEHAW! I TOOK MY profits in NUGT at $12.62. Just hit $13 but I bailed when we hit low Earth orbit. I set my stop at $12.30 and moved it up to 40, 50, 60, then 62 where I got stopped out. Thanks for the short squeeeeeeze Shorty. 🙂
Good work Jason.
Good on ya Jason!!
( might have to start following you around.. )
Intel is one of the undervalued ones and I have been accumulating. It is past the 50 day today and not too far from the 200 day. Many new products are coming out including thinner & cooler running chips. Msft was too until recently. HP looks like another good one.
QE for ever……..all around the merry go round.