I’m not sure closing at or above 1400 will mean much in the near term. The smart money (commercials) is heavily short and the DSI is at 94. The next sizable move should be down. New COT numbers will be released at 3:30 today. If the commercials have not reduced their short positions, this should confirm the current overbought situation which will result in a pullback next week. Just seems like we have gone too far too fast which will be corrected shortly.
No bets from me, thank you. Not short-term anything if I can help it, not around a round number especially one in a potentially key market such as Au, preferably not on a Friday, and absolutely not on a quadruple witching hour for stocks. However if I were to make a guess you would probably do well to bet against me.
Karl, not for nothing but there is definitely something to the magic of positive thinking. Think thoughts that you want to manifest..Happy .Aloha Friday to ya!
Yep…those f’in bastards…sheesh. Trader Nazi… no $1400 for you!!! also NGD last trade volume 35+ million on a 48 million total volume day…just keep on playing those mind games forever!
Actually I don’t care. I go for the long term. I will give you my bet though. It is 5 min from closing per kitco and 30 cents below. I have thought all day they will want it below. So make a quick bet that it will close above. I just don’t see that they’ll let it happen. However they will like that it doesn’t do anything way away from the round number. that is ok for them.
Just before checking I thought, “Gee, if I were clever, I would have bet on it closing at 1400 on the dot, and sure enough Kitco has the closing asking price at 1400.
Amusingly (and I guess meaninglessly) HGU closed at 14.00 on the dot per Fidelity.
PHEW THAT WAS CLOSE!
Stockcharts was $1400.10 Gold continuous contract EOD CME
Kitco had spot price as Bid/Ask 1399.00 / 1400.00.
Luckily no-one placed a $1m bet on it. Too close for comfort.
“Jun 21, 2019 16:59 NY Time
Bid/Ask 1399.00 / 1400.00”
Closer than the Brexit vote result but this one won’t be ignored for 3 years though the general stock bulls and government worhippers will perhaps be in denial for that long.
$10,000+ Bitcoin was an obvious one though for the same Friday night.
Anyway, I’m looking at that $1434 peak from Aug/Sept 2013. Strangely, or not so strangely, that figure ($1432 that time) was also the 2010 high which was kind of a multiple rolling top, just before a correction to another magical figure of $1309 that preceded the mania move of 2011.
I’m not sure closing at or above 1400 will mean much in the near term. The smart money (commercials) is heavily short and the DSI is at 94. The next sizable move should be down. New COT numbers will be released at 3:30 today. If the commercials have not reduced their short positions, this should confirm the current overbought situation which will result in a pullback next week. Just seems like we have gone too far too fast which will be corrected shortly.
I agree, your reasoning is very logical… therein lies the problem
Yes, sound logic has gotten me in trouble plenty of times in the past!!
https://www.kitco.com/news/2019-06-21/You-Can-t-Be-Anything-But-Bullish-On-Gold-After-1-400-Breaks-Analysts.html
No bets from me, thank you. Not short-term anything if I can help it, not around a round number especially one in a potentially key market such as Au, preferably not on a Friday, and absolutely not on a quadruple witching hour for stocks. However if I were to make a guess you would probably do well to bet against me.
Karl, not for nothing but there is definitely something to the magic of positive thinking. Think thoughts that you want to manifest..Happy .Aloha Friday to ya!
Yep…those f’in bastards…sheesh. Trader Nazi… no $1400 for you!!! also NGD last trade volume 35+ million on a 48 million total volume day…just keep on playing those mind games forever!
Actually I don’t care. I go for the long term. I will give you my bet though. It is 5 min from closing per kitco and 30 cents below. I have thought all day they will want it below. So make a quick bet that it will close above. I just don’t see that they’ll let it happen. However they will like that it doesn’t do anything way away from the round number. that is ok for them.
Just before checking I thought, “Gee, if I were clever, I would have bet on it closing at 1400 on the dot, and sure enough Kitco has the closing asking price at 1400.
Amusingly (and I guess meaninglessly) HGU closed at 14.00 on the dot per Fidelity.
PHEW THAT WAS CLOSE!
Stockcharts was $1400.10 Gold continuous contract EOD CME
Kitco had spot price as Bid/Ask 1399.00 / 1400.00.
Luckily no-one placed a $1m bet on it. Too close for comfort.
“Jun 21, 2019 16:59 NY Time
Bid/Ask 1399.00 / 1400.00”
Closer than the Brexit vote result but this one won’t be ignored for 3 years though the general stock bulls and government worhippers will perhaps be in denial for that long.
$10,000+ Bitcoin was an obvious one though for the same Friday night.
Anyway, I’m looking at that $1434 peak from Aug/Sept 2013. Strangely, or not so strangely, that figure ($1432 that time) was also the 2010 high which was kind of a multiple rolling top, just before a correction to another magical figure of $1309 that preceded the mania move of 2011.