Seems the miners’ investors are betting to the upside:
Chart is daily GDX wit vol
One other thing of interest, Gold traded in step with the 10yr and Usd post NFP.
No great surprise in that, the surprise is that Gold didn’t unwind in the same way as the others have done - well not as yet.
I think it will go up in 1 hour
Hmm… seems the miners’ investors have been ahead of price, they have broken a ceiling … question is are they really ahead.
Price is just coming up to it’s ceiling, let’s see if those investors are as savvy as their reputation suggests…
Again thanks to tradingview.com for their GDX daily chart.
Just had a quick think about Gold and GDX, looking at yesterday’s price it’s obvious there is a dilemma, yesterday they sold off at the ceiling, then today a change of heart.
Take that over to FX, exactly the stage on USD only in reverse, just the way an alternative currency to USD is supposed to behave.
I think that GOLD asset will go down.
Hmmm… the story continues, GDX leading, Gold up/Usd down
I can’t see a favorable opening for a deal right now. Therefore, I’ll wait to see which of the variants is the right one.
If you were to give me a choice think I’d pick the red arrow. Watch for any dollar bulls.
I can see an excellent entrance to the XAU/USD market after reaching the 1104.15 level. The price will go down.
Here’s a bold trading recommendation to go SHORT and then reverse and go LONG the gold market, as a play on the Fed’s expected December 16 interest rate hike.
This recommendation comes from an analyst named Jay Goldman.
(With a name like that, he must know what he’s talking about, right?)
His article appeared in [I]Finance Magnates[/I] on Friday. — Going For Gold
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Edit:
Correction — the low (1046.18) printed for the week of November 29 is the lowest low in [B]70 months.[/B]
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The price bounced from 1068 due to given VSA volatility, however, my view is bearish given the expiry week.
Good article in [I]Finance Magnates[/I] on current gold fundamentals and technicals —
Gold Decouples from Dollar Amid Haven Flows | Finance Magnates
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[B]GOLD IS TRADING RANGEBOUND[/B]
In this season of extreme panic and nervousness in equities and commodities, gold is seen enjoying the safe have bids. In the scenario where investors are looking out for this non-interest bearing asset but its upside is capped due to slowdown in demand for the physical gold from the major consumers-India and China. :31:
The upward momentum is limited in this commodity as no breakout can be seen on either of the sides.