Kinross Gold Corp (KGC)

[GoldnBoy]

In early morning trading Gold was breaking down through it's wedge and so was the Euro breaking down and US$ breaking to the upside. These trends were continuing in early morning, until noon when the U$ reversed and gave back all it's gains, The Euro reversed and is actually higher, the only thing not reversing is Gold and probably points to a buying opportunity.

But interesting -

Bonds were higher in early trading but reversed and plunged by 10AM. there is something unusual today. By Noon bonds have plunged further!!!!!!!!!!

There seems to be something strange in the financial system. The repo market tumbled on Monday from its highest since the global credit crisis almost eight years ago, but it remained elevated on signs lending had not fully resumed by the start of the fourth quarter. It is back up today


Down move in Gold, probably responding to the stronger US$, but if the repo market problem manifests we will probably see a move back up in Gold, as it will become obvious there is a problem in financial markets. $1300 was holding as support, but with this break lower, I think the bottom of the correction will be found between $1260 and $1280 filling the up Gap we seen in late June. With all the reversals today, the bottom might be right now.

For traders, I would not be shorting Gold now but looking at levels to go long as well long the miners

http://www.playstocks.net/index.php/market-trends/chart-of-the-day