Sunday, August 05, 2012 4:55:16 PM
For a year it has gone sideways with support at 1550 - bottom of its old upchannel. It is now well under the multi-year uptrend and has the highest volume by price since it was under 1200.
I could see it taking another crack at $1900, where I extrapolate the bottom of the old up-channel.
Catalysts: Euro maintenance, US Quantitative Easement "x", or China having slower growth rates. Note that Gold was down when BRICs and China were down, so I am not sure there really is any further flight of foreign capaital from China to gold, but there might be extradition of wealth from RMB to gold.
Doubts: Instead of banging repeatedly into resistance, it has skimmed repeatedly along thin ice. It acts like the supposed market manipulators have a price (1550) they are willing to sell at and that when they are done we'll here what a bad investment (tech stocks, real estate, oil...) gold was at these prices and that it was just another "tulip craze".
VPR Brands LP Reports Record Annual Financial Performance for Fiscal Year 2023 • VPRB • Apr 19, 2024 11:24 AM
Coinllectibles' Subsidiary, Grand Town Development Limited, Acquires Rare Song Dynasty Ceramics Worth Over USD28million • COSG • Apr 18, 2024 8:03 AM
ILUS Provides Form 10-K Filing Update • ILUS • Apr 17, 2024 9:54 AM
Glucotrack Announces Expansion of Its Continuous Glucose Monitoring Technology to Epidural Glucose Monitoring • GCTK • Apr 17, 2024 8:00 AM
Maybacks Global Entertainment To Fire Up 24 New Stations in Louisiana • AHRO • Apr 16, 2024 1:30 PM
Cannabix Technologies Begins Certification of Contactless Alcohol Breathalyzer, Re-Brands product series to Breath Logix • BLOZF • Apr 16, 2024 8:52 AM