At this rate, those 1 oz bullion dragons going to be like +$2000 - $2500, depending on the exchange rate. A week is a long time to wait in this environment.
Parabolicccccccc. Media brings out the technical analysis to quell the Gold bull! It's not very effective! http://www.bloomberg.com/news/2011-...sees-prices-for-metal-heading-parabolic-.html
If you live in Australia, and posting on an Australian centric site, you really should be quoting in the currency that you are buying and selling in, ie the A$ and not the US$. It can be confusing at times!
Funny, at $1700 "Gold is overbought, due for a pullback", at $1800 "Gold is overbought, due for a pullback", at $1900, yep, you guessed it. Shorting is such a dangerous game.
This. Even though I'm in the business of selling gold, it's looking parabolic at the moment, and is almost $300 USD over the 50 day moving average. Could be up for a technical correction. http://stockcharts.com/h-sc/ui?s=$GOLD&p=D&yr=3&mn=0&dy=0&id=p19022944777 Long term fundamentals have not changed though in my opinion (or have they with a US downgrade?), so anyone looking to buy and hold shouldn't be dissuaded. A saying that could be aptly applied to gold right now is "it's not timing the market, it's time in the market".
I trade quite a few gold as well and this parabolic movement is giving me headache instead of feeling of joy.
And since when did we rely on mainstream media for our information!? Its the ounces and troy ounces that cause me the most headaches though, I understand them but a few of the people selling me junk silver do not. I think that as long as someone puts the AUD or US$ in front of the number it should remove any ambiguity.
Maybe its correcting to what it should have been for a good while.Its been artificially suppressed. Maybe its got a good way to go , ..up.
