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Morning Gold Fix: July 22, 2010
Commentary courtesy of www.fmxconnect.com
Gold opened Thursday’s trading at
$1184.1 per 100 troy ounces. The metal gained early, and after breaking
through the 1200 barrier for the first time this week and peaking at
1201.2, Gold settled at 1195.6. Gold has opened to gains this morning,
once again moving over the 1200 mark.
The Gravity of Strikes
Yesterdays’
activity was befuddling to say the least. Personally, I thought the
1200 strike would act as a magnet going into options expiration, but
Wednesdays’ activity said the 1180 strike was going to be an issue.
Yesterday turned out to be a total head fake. The market may in fact be
beginning to price QE2 as every other market moved in tandem higher.
Maybe Gold just got the message late. We are still sticking to our guns
that the market is one that shows no reason to buy strength, but are
aware that there may be some bigger picture buying beneath the market
once again.
So we are back to our
original statement. The gravitational pull of these strikes is large.
Our thoughts are on the 1200 area, but we have “stops” at 1180. As time
moves forward , the gravitational pull will grow on wherever we are
closest. And based on today’s activity, 1200 seems to be growing in
strength. We rejected 1180 like a champ.
Revisiting
yesterdays chart, we have definitely turned a corner on daily stochs.
What we would like to see OI go up after today’s rally, then we will
buy into strength, otherwise this is just a bear flag formation. As for
me, I’m buying 1190’s and selling 1210s if I get the chance, I’m long
the 1200 straddle. In the meantime I’m rereading Jesse Livermore’s quotes to keep my emotions in this bizarre market in check.
Good Luck.
-Elizabeth Thawne
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the gold coin elizabeth seems to be flipping is acting in a very rational day to day manner however. it is about 50/50.
So you and Ben are forecasting uncertainty for the future? Hell, me too.
this might be of some influence
http://news.yahoo.com/s/ap/20100723/ap_on_re_as/as_asean
The do or die battle line this am is clearly 1200.
Morning gold fix. The only thing that can be said for this is that the name is appropiate. It is a fix. There are no markets anymore only interventions. The banksters, who now run/own the government are capping any attempt for a rally in "the" alternative money for the dollar, item=gold. The ponzi that is the fiat money system is being controlled and fixed. Changes in the fiat system will occur after political change and when the frontrunning bansters become strange fruit.
There are no markets anymore only interventions.
Well said, ietalon. Fuckin shame too.
Reading Bruce K on the FHA today brings it home, bitchez.
Gold,you betrayed me again.
Now i hate 'Au
"The market may in fact beginning to price in QE2".
This thought was rattling around in my brain yesterday as the markets and gold spiked. I had hoped to get back down to 1170-1180 range so I could make another spot buy but doesn't look like its in the cards. We'll see what expiration's brings.
last dip at the pool for the banks and they know it. imagine we will have a bloodbath on mon/tues to get to the level (1183) that allows the expiry to go out profitably for them....
We may not have to wait until next week. Lots of selling going on to keep the price below $1,200. Falling equities and Oil are not helping either.
Looks like the soft commodities are making a few bucks
filled on my 1190 buys guys. not looking good for the bulls today.
1179 it's the asskicking that keeps on giving.
You guys are talking paper.
the end of window dressing at the thrid quarter and careful trading can mosve things a good bit higher.
yesterday was very strange. I would have expected the morts to buy and then the amart shorts to sell. after all how often do you get to make than much overnight, the same way wehn yiu gap down at the open by a big amount it is a buy. so yesterday I bought once again short after going long the day before that near the close.
so by charting we are just about where we would be regardless. I view yesterday not selling down towards thae latter day a short squeeze. the big boys know that is what you should do so they engaged the squeeze.
so I'd imagine we hae few maore days of squeeze now. but I'd not bidding higher, but will eat my losses short and add at teh right time. Therefore. I will be earning money on the short squeeze, and pick my spot to double down short.
spy diverged from gsp (s&P) towards the afternoon today I have seen this wonce a good bearish sign.
I will say the market doing the short squeeze instead of dropping back towards trend to reconfirm the trend is bad. It makes me think it is a game instead of adding confidence.
this is where the big boys have it stupid. they woudl gain the most by behaving in a correct manner and building investor confidence. instead they thing way to short term and loose out on the big prize.
I am bullish but because we didn't drop below the open yesterday I know that drop is in line to happen. to bring us back to the secondary suport trend.
The fun is in Silver right now. Someone is pulling out huge amounts of physical silver out of the Comex and has been doing it for a while. According to Harvey Organ's blog the comex had to borrow some physical from it's depositors in order to make the delivery. Methinks Mr. Sprott is behind it and is going to bleed them dry and hold the Comex and the electronics manufacturers hostage.
"No iPad for you." ..... Silver Nazi