Saturday, December 01, 2007 10:43:38 PM
Gold update: Gold traded to 789.10 closing the month with about 8% down; however, as noted, it has outperformed other major markets with over-speculation on a few issues which our economy is encountering. I think that those conditions are better now that one month ago as we saw financial sector supports and a bit better geopolitical stability. In addition, speculations relating to $USD is over done. Of course, needless to say, this is my opinion in contrary to those who are enthusiastic about hyping the need for why Gold should go up.
Higher Gold price in bubble mode which we recently have seen is not a good sign for progressive outlook of our economy. Gold speculation is overdone and it is similar as housing bubble.
Gold is closed near 50dma support, thus, we could get a bounce; however, monthly price action is now showing negative divergences.
Higher Gold price in bubble mode which we recently have seen is not a good sign for progressive outlook of our economy. Gold speculation is overdone and it is similar as housing bubble.
Gold is closed near 50dma support, thus, we could get a bounce; however, monthly price action is now showing negative divergences.
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