Monday 18 May 2009

Gold was likely a fakeout

The volume on Friday in gold was not inspiring.

The price is dropped back below $930 this morning.

Silver is also leading the way down this morning.

All the stars are in alignment for a down day in the gold market methinks, but it is always possible that a shitstorm comes over the sky in the US timezone and the breakout is on after a test... let's see later...

3 comments:

DP said...

Hmm. I need to learn to take my own advise sometime, this has to stop keeping on happening.

Yes, it is a down day. A $10/oz decline after NY opened. Why didn't I sell? It not like I am even surprised!

(Answer: 1. it'll be back and better than that before long, I have every confidence, plus 2. I'm not getting back into that unleveraged day-trading shit again any time soon I hope. The slow gains just get steadily eaten up with transaction costs. If you have the balls to use leverage, OK maybe its worth it overall.)

DP said...

Silver had a lesser decline earlier. And since that time it has recovered better than gold.

I also note with interest that Platinum is on a tear this afternoon, with no preceding drop, and Palladium is sympathising.

DP said...

Silver had a lesser decline earlier. And since that time it has recovered better than gold.

I also note with interest that Platinum is on a tear this afternoon, with no preceding drop, and Palladium is sympathising.

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