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|Subject: Re: Gold - Updated TA||Date: 5/17/2012 8:06 PM|
|Author: MDCigan||Number: 41073 of 41435|
Today's action (and the divergence from broader market correlation, at least so far in the day) makes a good case for the triple bottom, if it holds.
Certainly possible, I think the break of 1600 has created the need for significant repair and personally I think sideways action between 1525-1535 and 1600 would be the healthiest from the perspective of assuming it was just a very deep correction off the high.
In this time though, I think you have to be ready to flip and reverse quickly based on what global central bankers do. Its become increasingly clear to me over time since 2009 that all risk assets including gold are being driven by their policies and announcements. Its hard to know what Bernanke may or may not do in an election year.
On a ST trading basis, I'd probably look to reshort around 1590-1600 with a stop at 1610.
I'd be particularly interested to see what some of the gold sentiment numbers are presently along with inflows/outflows to GLD.
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