Hahahahaha. I love your optimism. I own gold and id love to see it do that but me thinks there is more chance of sideways / corrective USD gold action which would offset any rise in GLD brought about by ZAR weakness. Id sit that trade out.
Yup..it's a difficult one to call.She's on a Demand-based Point and Figure Buy signal.The mkts overall, need a pullback.That will see a brief Rand sell-off....and that vaults GLD to resistance of R96, Where I sell half my CFD load.....$$###$$ and other lovely dreams on a Tuesday at a desktop in the Western Cape on another perfect day in CT.I like that.And no flock of Sea Gulls wailing on my car as they fly overhead,this morning....thus,Looking goooo-d.Coffee's real,etc.
Lovely....volatility.Now let's see how the %-drop in ZAR$ vs $Gold computes. Gold is very powerful.It can easily take back that $30. So, looking for a dodge between the raindrops for a quick Snack at the Quick-trade line.Saddle Up !
Interesting little factoid...The Stochastics on the GLD weekly chart has done it 3x in a row now. When that red line on the Stochastic taps the 80 mark....GLD boosts. She did it on the weekly candle dated 18 Oct.Please do it again.That's a good girl.
If we could short GLD I may have been tempted todo so. IN fact no I wouldnt. I would have waited for it to pullback like it is. If we start tracking down below 1280 look out below. Im hoping you not still in that long trade!
Pullback is good.Bull-trend.I add to my position at R89.50 Always, with Risk-profiling. Gold has tremendous Asian Central Bank forces in play.Thus pullbacks will be sucked up quickly.Volatility ? Always.The Rand is facing tremendous resistance from 6.73/$....Cool.Let's play.