THE CHARACTER OF THE MINING SECTOR IS CHANGING
From GOLD SCENTS by Toby Connor
January 17, 2013 - 9:40pm
The big news for Thursday is that gold formed a weekly swing. Considering that the QE4 manipulation stretched the intermediate cycle way beyond its normal timing band, this weekly swing should confirm that the yearly cycle low is complete. We did see profit-taking come into the market as soon as gold tagged its 50 day moving average. I don’t see anything unusual in that, as gold has delivered a 75 point rally in only nine trading days. The 50 day moving average is a logical place for short term traders to lock in some profits. On another note, this was the third attempt in two weeks by the shorts to drive gold down. It worked for a couple of weeks after QE4 and even for two days at the beginning of January, but I think the complete failure today to hold gold down against its natural trend is probably the signal that the market has broken the short-term manip...
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