Thursday, October 28, 2010

The Week That Wasn't

It's been a very ordinary week my focus on gold stocks has seen some lost opportunities elsewhere however I still believe over the next 12 months gold stocks will provide the largest gains.
Trading has been almost non existent this week a lack of motivation and some earlier week sunshine is to blame a tan is starting to redevelop.
ROL is still ahead a sudden rise in the price of gold will see it take off. Entry into IAU at $1.735 on Tuesday is holding up, the stock has support at the $1.70 mark and closed at all time high during the week $1.78.
PSP and CHN have dropped and only a gold price increase combined with news will get these moving in the short term.
US markets currently not inspiring and could go either way very much news driven presently and so sensitive.
Correlation between XAO and DOW not so evident have no data to back this up just an observation. There have been periods when both indices have not followed the same path, it would be fine thing if the Aussie did go its own way.
Gold moving back up as I write a few early trades may be possible tomorrow morning.

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