GREY:MPRXF - Post by User
Post by
goldopportunityon Jan 03, 2015 11:50pm
217 Views
Post# 23283304
For the immediate st I think we'll be range-bound...
For the immediate st I think we'll be range-bound...between C$0.035 and C$0.045. But this will only be st in my estimation. Even the hui and xau, which closed strongly on friday around their respective 50dma, may have to settle back a bit early in the week. Only the gdxj looks posed to advance in the early goings next week, at least until it also settles around its 50.
As for gold, it had an exceptionally strong day on friday considering the dovish comments by the ecb in regards to interest rates, which in turn led to a strong gap-up advance by the usd. The usd looks strong enough to gain even more ground in the early part of next week. It'll be interesting to see what gold does if indeed the usd does continue its advance.
As an aside, any rise (if any) next week in the dow, spy and qqq will be very short-lived. The good economic news of late in the u.s. economy, along with the end of qe and eventual expectation of a rise in u.s. interest rates mid-2015 is the market's cue to take profits. So I'm expecting these markets to correct quite suddenly and violently at least until there's a sense that the fed may have to adjust their rise in interest-rate timeline. In addition, I'm expecting the 10-year treasury to test its 1.86% low while all this excitement is going on. Jmvho.
goldopportunity