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comdytrd wrote:
> Keep the gold info coming!!
OK... here is some "Gold" info. This has a bent towards trading
though... no intellectual info available in this post.
Here are two charts of weekly gold... one of the continuous contract
(GC#.W), and the other of the XAU gold index (XAU.W). Note that the XAU, in
the recent upthrust, never even got to the 200 week ma... and that it is
turning over here (stochastics crossing to bearish, as well as pulled back
inside Bollinger Bands this week), with a new weekly low for the move. Also
note the massive downtrend pressure, with 50 below 100 below 200 below 400
week moving averages, and all of them still pointing down. This is true
even for the futures (50 has turned up tho), meaning that unless this move
lifts off again in a hurry, the selling (at least based on such simple
evaluations) will start anew.
Since the index typically seems to lead the futures (at least in this
market), such weakness in the stocks (i.e., producers/mines)
doesn't auger well for continuing this "explosive" move.
If you're still long Gold, this might be a good place to at least buy some
protection against a resumption of the longer-term trend.
Dick Crotinger
Attachment Converted: "c:\eudora\attach\GC#_W.gif"
Attachment Converted: "c:\eudora\attach\XAU_W.gif"
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