or will it just depend on which way the dollar goes? Any insight ?
tech 394 or psychological 400
Started by
swanstkdh
, Oct 24 2003 11:14 AM
3 replies to this topic
#1
Posted 24 October 2003 - 11:14 AM
#2
Posted 24 October 2003 - 07:39 PM
For gold to advance, it will have to do so on its own instead of depending on the weakness of the dollar. I suspect the week or 10 days may see the dollar ramp up and gold decline... Giving the appearance that gold cannot advance much further. Once we are convinced the bull is stalled, out comes the gold bull with full force. Everybody is expecting the 9 month of the equity market to bottom in December - so Nov and Dec ought to be good for gold.
My guess - appearance of a yet another failed rally and then a real one, which no one believes in.
#3
Posted 25 October 2003 - 07:01 AM
I'm more bullish than bearish. Decreaseing volumn for gold bullion futures contracts on the NYMEX indicates that the price of gold bullion will soon begin to decline. However XAU is indicating a raging bull market in the common stocks of gold producers. My gut tells me that gold bullion will resume it's march north, but it mightnot be a real exciting march.
If you want excitement, go after silver. Coins, bullion, or stocks. All indications are that silver is ready to fly.
#4
Posted 25 October 2003 - 07:05 AM
Keep your eye on the Dollar, but also look at charts for the Euro as well ($XEU) as that corresponds well with Gold.
Trade based on what you see happening, not what someone else thinks or hopes will happen.