Thursday, 8 August 2013

Goldbug relief? No crash happened - chance may have passed, perhaps + another bullish sign, perhaps.

This is the most exciting and uncertain time in the gold market since the 1980s perhaps, certainly since this bull market began as far as I can recall.

Conflicting signals abound and perhaps indicate a balance between bulls and bears (buyers and sellers maybe I should say) right now.

Never mind all the talk of manipulation. This has always been a manipulated market and always will be until governments and central banks are out of their gold - i.e. until never.

So you just have to watch the trading - and the price!

Slightly magnified view shows that steep downtrend just ran along top of its channel and then aborted as price hit (twice) one of the parallels of the main 2013 downtrend. There ensued a very nice tradable bounce (whihc I didn't spot, couldn't see the wood for the trees! I was too busy watching the short term move):
Now what? Resistance is at $1310 along a line that has held around 6 times recently.

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