GREY:ALXDF - Post by User
Post by
goldopportunityon Jul 10, 2017 6:08pm
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Post# 26452889
Fwiw.......
Fwiw.......- Alxdf closed at usd .0595 = cdn .0766 (boc 1.2888 close) on only 6K changing hands
- Azx buyers took out cdn .07 on 720K -- at the close we show a .075 surface ask
Good day all round for the gold sector. The main gold indices were all up smartly and they closed friday's down gap, And gold was marginally up, closing near its' high of the day. So where do we go from here? Well, the ferociousness of today's counter up move would suggest we'll see follow-thru to the upside in the gold indices.
I'd say a good many of us are of the opinion that the rapid descent in the gold instruments since the beginning of june has been an all-out concerted assault by central banks, commercial traders et al. Their probable objective was not just to bring down the pm sector, but to paint the chart technicals so that prices would not recover for quite some time. However, I think they forgot one very important thing: You can paint charts in the st, but the fundamentals (eg. gold vs usd) always have the last laugh.
Bottom-line:
I think today's strong counter rally in the PMs was more than just a relief rally. It looked very legitimate to me. More than likely many late-comer shorts will have their heads handed to them very shortly. This will attract even more buying interest (akin to buying begets buying) which will result in even more shorts being forced to cover, and so on. Expect drama, but what else is new.
So we take it one day at a time and see what happens. Continue to stand your ground, folks. Jmvho.
goldopp