The 800lb gorilla continues to wreck havoc on the trading floor. Early and late morning "displays" (price attacks) reflect him pounding his chest to maximize fear.
Yet despite these impressive displays, signs of fatigue have emerged. The 13ema WA has fallen below 20% (chart 1). This indicates downside concentration. Also, the window of opportunity (TIME) for the B-wave consolidation is beginning to close. ...
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Tracking all things that relate to and affect the price of gold.
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Scooped by Hal onto Gold and What Moves it. |
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With continued volatility in gold and silver, today Michael Pento has written exclusively for King World News and he is predicting a rally in gold next week. Here is Pento’s tremendous piece: “The recent spate of better data on initial jobless claims has caused bond yields to rise, stock prices to rally, and gold shares to tumble in the last few days. For the sixth time since 2010, an oasis of improving economic data (that has proven to be ephemeral each time in the past) is once again giving investors the false signal of a robust and sustainable recovery. “This has, in turn, caused investors to once again wonder when the Fed would finally stop buying assets from banks and raise interest rates, which have been at zero percent for over four years. But the data on initial claims has been distorted by seasonal adjustments at the Labor Department.
"On an adjusted basis, initial jobless claims for the week ending January 19th dropped to 335k, which was the lowest level since January 2008. ..."
Hal's insight:
Wondering what's happening to gold right now? Check out the full post. There's certainly a ring of truth to Pento's analysis. I think some of the other things affecting the spot are the moves of govs like India and Vietnam who are attempting to manipulate the way their citizens hold the precious metal. Delete the scoop?
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This was pretty much my thought this morning when i fired up ExactPrice [ http://www.learcapital.com/exactprice ] and saw gold's graph for this morning and that fairly regular morning attack.
Click through for the chart that Eric posted and the rest of his thoughts.