Local high yesterday for gold spot $880; need to break that to upside to break out of local down-channel (see attached chart).
EGO and gold-related looking good in pre-market on local gold bounce, but again a lot of it depends on what gold does within it's local channel.
TOKYO, Tue Apr 7, 2009 2:05am EDT (Reuters) - Gold prices rose on Tuesday in a technical rebound and a round of short-covering after dropping 6 percent over three days. A recent rally in stocks has revived investor risk appetite and driven money out of safe-haven gold, while a drop below key technical levels around $880 and $870 per ounce pushed bullion down to a 10-week low of $864.30 on Monday.
LONDON, Tue Apr 7, 2009 7:41am EDT (Reuters) - The dollar and yen rose on Tuesday as equity markets took a sharp turn lower, fuelled by concerns about the banking sector that wiped out recent optimism over the global economy. The yen rebounded broadly and sharply, as short-term market players unwound yen crosses, traders said. The dollar was broadly higher except against the yen. European shares were down one percent after opening modestly higher on Tuesday, as financials weakened along with U.S. stock futures, also down more than one percent.
Did someone say, "Rum...?"
Make mine a Bacardi "Gold", please.
Yes, mates... we all saw the storm clouds on the horizon.
Let's not act too surprised.
Just keep your hands firm on the wheel and stay the course.
I beg to differ on the Rum. I prefer an original Myers's dark rum with some ice and coke with a twist of lime. If today for some reason EGO ended up at PPS of 50 cents I want your Bacardi instead, but not the Gold the 151 proof.
<Just keep your hands firm on the wheel and stay the course.>
I do agree with this statement, "Damn the torpedoes and full steam ahead"
Hey AC and others, thanxs for the quality posts here. A few here have a lot of experience in this sector and are willing to share with others, see you don't have to be greedy to own gold.