Monday, February 11, 2013

Gold Struggles to Hold 200 Day Average and Major Support

US 10 year treasury bonds under 2% again. Fed. indicates that their unemployment targets may not be reached until mid-2015. Ie keep the presses rolling. EU leaves rates unchanged, ie funds should flow away from the US$, US equity price increases may be stalling, China economic numbers surprise to the upside.

Gold breaks $1,700. Hold on ! gold is struggling to hold the 200 day moving average. Dangerous to short a market near major support so as a trader, I’ll keep my powder dry and watch it fall over the Northeast. Over the next 30 days there will be continued headlines that suggest a portion of your assets in gold is a prudent decision, but but we may get an entry point some $40 dollars lower.

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