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Gold exploding up today.
XAU didnt retrace much from its break out of the 57.5 level. we are now gapping up out of small bullflagg and breaking out upside of a rising trend line. (VERY bullish)
Looks like some people believe in inflation after yesterday's rate decision.
Interesting incident in Sweden, with regard to it's only mining company Boliden (on Toronto Stock exchange BOL.TO. Some of Sweden's most powerful board members joined the board together with finacier with deep pockets in a restructure move. Price went from 3,20 to 5,80 SEK in four days, ahead of the newspaper article (Front page of a financial newspaper).
It's evident that rising goldprices are entering the minds of people outside of the "Goldbugworld" as well. (High for BOL.TO in 1998 was CAD 8 recently 87 cents!)
If you read Ray Merriman's Weekly comment you know what Gold is "suposed to do".
Well, it isn't doing that. And usually when the oposite happens. it's usually a powerful move we will witness.
Break out up, out of major resistance line
Gap up from Bull Flagg
Goldstocks leading Gold
Negative press folowing Goldauction
Etc etc
What more can we ask for...?
stig
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