Gold just puked again - hit 1073 and change in over night futures trading, before bouncing. Is this the test of the lows (overnight low was about 1080)? Will it hold?
Tom
Market Commentary | My Blog | TSP Talk Plus ||
I am not a Registered Investment Advisor and this is not investment advice. Please do your own due diligence.
Gold just puked again - hit 1073 and change in over night futures trading, before bouncing. Is this the test of the lows (overnight low was about 1080)? Will it hold?
Tom
Market Commentary | My Blog | TSP Talk Plus ||
I am not a Registered Investment Advisor and this is not investment advice. Please do your own due diligence.
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Rules:
- Trade what you see, not what you believe
- Don't put stuff in your signature that a Mod doesn't like
"Government exists to protect all people’s rights, not some people’s feelings." - A. Barton Hinkle
Great Tools:
http://www.CreditKarma.com
http://www.Mint.com
http://www.SaveUp.com/r/nmJ
It tested the prior lows (1080), which is not a bad thing, and briefly flew down to 1072. If it can close above 1080 (currently 1082), that would be a good thing and perhaps considered a successful test and you may see buyers step up. Otherwise, a close below 1080 and 1067 may be next.
Tom
Market Commentary | My Blog | TSP Talk Plus ||
I am not a Registered Investment Advisor and this is not investment advice. Please do your own due diligence.
It just hit 1088, but the short sellers may pounce on this rally. Good test.
Tom
Market Commentary | My Blog | TSP Talk Plus ||
I am not a Registered Investment Advisor and this is not investment advice. Please do your own due diligence.
A little follow-up. I decided to bail on NUGT today selling at 3.57. This was a small gain after coming back from some stiff losses. I think it can hit $4+ and there's an open gap near $5, but I hate holding these gold ultra ETF's too long. I had a 13% gain after 1 day and that vanished quickly - so volatile. They are not good investments, just short-term trading vehicles as we've discussed.
Tom
Market Commentary | My Blog | TSP Talk Plus ||
I am not a Registered Investment Advisor and this is not investment advice. Please do your own due diligence.
http://www.cnbc.com/2015/08/10/gold-...-fed-hike.html
Gold dropped on Tuesday as the dollar strengthened after China devalued its currency to prop up its economy, adding to the downward pressure on bullion from a looming increase in U.S. interest rates.
[COLOR=#0000ff][FONT=comic sans ms][I]"In the land of idiots, the moron is King."--Unknown[/I][/FONT][/COLOR]
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