GREY:ALXDF - Post by User
Post by
goldopportunityon Mar 20, 2018 6:49pm
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Post# 27749897
Fwiw.........
Fwiw.........Alxdf closed at usd .07 = cdn .0915 (boc 1.3077 close)
Alxdf pushed past usd .07 resistance only to give up intra-day gains and close unchanged. The big news, though, was the huge increase in volume -- 5X yesterday's volume.
Azx stayed at cdn .09 all day. Patient bidders were buying. Dumb money was selling. Substantially higher volume so far this week -- averaging 1M/day.
Alxdf and azx had a relatively strong day when compared to other gold stox. And the volume levels for each were above average. Tells me we have accumulation -- very bullish.
Gold closed slightly above $1310 support. Gold indices down. Dow up. Greenback up. And the 10-year treasury yield back up to 2.90% (watch this one tomorrow).
Bottom-line:
So what happens tomorrow? Until the fomc announcement and forecast at 2 pm, I suspect alexandria bids and #s to be lower with higher supply #s. I think volume will be light. The mm idiots will just be taking advantage of pre-fomc anxiety. Gold may even test $1300 during this time. The anxiety will probably continue thru the rest of the session as fed chair powell has a press conference at 2:30 pm. This will be his first presser since taking over from yellen, so the market might be a bit jittery.. But everything will be ok.
After tomorrow's fomc shenanigans, however, I'm thinking money will start flowing into the gold sector. And I'm betting that alexandria will do especially well. Today's push by alxdf traders past usd .07 resistance was very bullish. I'm expecting we'll retest today's .075 high before the weekend, maybe even reach .08. We'll see. If this happens, then azx will have no choice but to break thru cdn .09 resistance, and close higher.
So we'll see what happens. As I mentioned last week, alexandria is "easy money". All you have to do is be patient (and buy more if you can). Stand your ground, folks. Jmvho.
goldopp