Tuesday, April 19, 2011

Lets Talk Gold - April 19, 2011

April 1 YR Gold

Today Spot gold hit 1500 for the first time. Yesterday I tweeted:

Looks like that statement was a bit overstated as the coming weeks happened to be today. Of course today was just a touch on the daily chart. I would look for 3% to 5% pull back for scaling in on an overall up trend. Of course any type of "uncertainty" and "risk" will benefit gold flows. In the short run and long run (Q2 and beyond), there is plenty of fuel to flame the fire bigger. 

Currently traders and investors in the breakout (1425 to 1500) are the smart money riding the trend. We have yet to see the effects from "not so so smart money" which will carry gold much higher. 

Either way, just like in 2010, any rationale will work for you fundamentalist, so pat yourself on the back for creating more self fulfilling prophecies. 

Analyze Capital LLC

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