Wednesday, September 22, 2010

Gold Zeros in US$1300

Gold is zeroing in US$1300, with the Hong Kong market just closing on a all time high of $1292 we have less 2 hours left to see what the big boys make of today's action when the NYMEX opens. The weight of volume on the NYMEX usually sets the tone for the gold and silver markets for each 24hr period, so it was very interesting to see that the vertical move up in the gold price happened after the NYMEX close, a very rare event indeed.

If the brain-dead tech funds and trend following army of day traders jump on the bandwagon $1300 will be easily taken out in the coming NYMEX session. Actually it has just gone 6am in NY and those traders will just be waking up and checking the gold price on bloomberg, I wonder how many will soil themselves or drop their mocca skim latte chai in their laps? What ever happens this coming session could be one to remember - if only for the admissions for latte burns :-)

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