Gold Chart updates and various rants.
395 continues to be the next major hurdle for Gold. Todays action was interesting with Gold touching a low at 375.50 spot and then closed out near its highs at 382.50. IMO several factors may have added up to wake up Gold and the shares Friday. Apparently stronger employment data gave reason for gold to sell off but I read that shorts were forced to cover as the Euro strengthened against the USD. Gold has been range bound between 365 and 395 for a few months. It looks like it is continuing to coil up under 395 and is preparing to break through sometime in the next few weeks or month. A break though 395 should see a rapid move to 415 - 420. IMO 400 is a meaningless # and won't present much if any resistance.
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USD nice drop.
quotes.ino.com
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Aussie and BOE raised rates this week. BOE cited housing prices rising too fast, we don't have that problem here though ; ) This combined with all the stronger economic data has the 10 year Tbond testing 4.5.
I'm thinking by spring fed will start to tighten. AG speaks in code, low rates for significant period, no inflation blah blah but I think the markets know. Wonder if TNX can take out August and run to 5. It seems like a scenario where inflation pressure force tightening and then anotherwise tender economy will get broadsided. The employment and GDP data may be an anomaly but the housing bubble isn't.
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I sold G.TO @ 20.61 K.TO @ 10.41 and PDG.TO @ 20.69 first thing Thursday AM. Scampered to buy them back Friday G @ 20.20 k @9.93 PDG @ 20.68.
PDG takeover rumours persist. NEM big financing. Who knows, PDG closed at new 52 week high. PDG charts in CDN and USD. Note the above avg volumes for PDG especially on NYSE. NEM a bit weaker, due to large share offer? Also above average volume.
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K.TO Kinross has been weak lately. Price has come down to the 200 day MA. Made a hammer Friday. Why do I own the POS? Probably for the leverage it has to higher prices.
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G.TO Also a hammer today. Trend is up.
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ABX.TO Don't own it never have. May test its highs and has recently come off lows after testing 200 day MA.
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AGE.TO Got beaten after poor report. May bounce here but I'm not a knife catcher by nature.
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NSU.TO Chart still says it all. Results from first holes of drill program due in next 1 to 2 weeks.
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AZS.V Has had a nice move, above avg volume took it above 4.50. Comments from PDG Chief that he likes the Cerro Cassale deposit and it is on the front burner for development due to firmer Gold and Copper prices have woke it up.
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XAU Briefly broke 100 and turned back. Nice big white candle on Friday.
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HUI looks like its getting support on trendline. Hammer on Daily.
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SP500 I see 1062 was resistance on the upper trendline and 1035ish is where the lower trendline extends to on the rising wedge. This is starting to pinch closer together. A break below the lower trendline could be the start of some ugliness or not if your inclined to be short the market.
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VXO continues to go lower. I say screw the new VIX.
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