Wednesday, April 28, 2010
Gold and GOLD EFT
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The price of Gold has however risen yesterday. It is puzzling, and raise the question of whether Gold is trying to say something different than the other commodities. Since the dollar is up and commodities (except gold) were down, then what is the Gold price trying to tell us at the fundamental level?
We opine that Gold headed the opposite direction yesterday simply because it was not well positioned technically to go down.
If our reading of Gold is correct, then we would now soon because a better positioning for Gold to head in direction of commodities in only 1 to 2 points away.
If we use GLD , which the GOLD EFT, then GLD would encounter resistance within less than 1% higher. If sellers win, Gold moved the "wrong direction" yesterday in search of sellers. If the sellers are defeated, then Gold might be saying something new.
Current we believe that the long side Gold traders are getting it wrong on Gold for yesterday and eventually one to two points higher if any.
GLD is a GOLD EFT
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