yesterdays action broke the rising trendline from the lows. which is an indication of a break in the trend. i did some selling. i sold explorers which will have to come to market for funds, diluting their shares. i dont know how long the correction will last, so i didnt want that exposure. i roam in this area, its where the outsized rewards are seen.
now, i am wearing my buy hat, but obviously not yet. we are oversold on the hourlies, if divergences from oversold on the hourlies develop , i will trade
he brings up some good gann concepts here http://www.ganngloba...b92856e0fba54bb
i dont know where the notion that rising rates are bearish for gold came from, but in 79 volcker hiked and hiked rates and gold went higher and higher. the idea is that rising rates are an indication of rising inflation. the fed is already behind the curve. http://www.cnbc.com/...hike-rates.html
bac wants them to hike!
not so sure china is going to have the hard landing folks are looking for
india is waiting for the monsoons to hit. late summer/early fall is when their buying season begins.
dharma