Gold Outlook this week imo, FVL range bound atmGold should hold trend above 1800 and it looks bullish again this week. We may see record highs. The trend will continue upward in any case.
Thursday afternoon's news didn't bolster flv as much as I initially had hoped in Fridays trading. The surge to 1.50 was predictable: A short squeeze. The shorts scrambled to cover their positions as flv was rising causing a spike in buying thus driving up the price. The correction that followed was also predictable. It seems we have a new level of support: 1.35. And a new level of strong resistance at 1.40.
I believe if gold surges to record highs ie 2011 we'll easily see the resistance at 1.40 broken. However if gold trades sideways ie 1800-1815 back and forth as it seems to be inclined to do these days we may be range bound between 1.35 and 1.40 pending news.
On the news front I believe news will be coming soon. As much as I believe in the integrity of market processes ES is no fool. You don't drop 20 million without having some idea of the near term consequences of pending news. The news will be good and shortly forthcoming. All bets are off with the PR. We'll have consistent volume on a daily basis to drive sp to 3.00 plus in the near term.