Short Term Trading Member Forum

[pmiles]

denmo

The short answer to that is "no".

The long answer is:

Gold is kind of tricky. A I've posted before I see this month as having been an 80 week low for gold. BUT I think I'm the only person on the board whao says that. Everybody else is going for May as being the last 80 week low. Despite that I'm going to give myself the benefit of the doubt!! If I'm right then gold is likely to have a lot of bullish upside still. If I'm wrong then we're coming out of the first 20 week low, which still leaves side for a lot of upside.

Unfortunatly there are no outstandng upside targets but I think gold is gathering steam for the following reasons;

The currency linkage seems to be broken. Previously gold rose as the dollar declined. Now gold is rising even with a dollar rising against other currencies. In fact gold has risen even as the USD has risen against the currencies of gold producing counties such as Australia.

Secondly and related to the above - gold now seems to be rising against all currencies now. During its first leg up it was rising against the USD but, for example, almost flat against the Euro.

I suspect that gold is going into a bullish pseudo trend ad I'm staying long and adding to the position until I see it start overshooting downide targets and breaking significant supporting VTL's.