The Golden Bid

Nice breakout in gold on strong volume after the Fed’s announcement they’ll continue to flog savers, possibly into 2014.  Technically it looks good x/the 78.7 RSI overbought condition.   Open interest is way down and you can feel that in the way it trades.

You can also see from last year’s July 1 to August 23 move of 30 percent the yellow metal can really giddy on up  when it wants to.  It feels like it wants to and we wouldn’t be surprised to see an $1,800 handle relatively soon.  Always can be wrong and never without a stop.

(click here if charts are not observable)

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2 Responses to The Golden Bid

  1. Pingback: S&P500 Plays Range Rover, Waits on the Shanghai | China News Center

  2. Pingback: The Golden Bid | Forex news

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