gold/dow

  1. 2,063 Posts.
    It occured to me that Gold fell last week because a major buyer was out of the market. Whether or not there was a concerted attack on the gold market dosent really matter. The fact that the announcement of Bank gold sales coincided with the commencement of the Chinese New Year week seemed a little too convenient for the gold bears. (US FED)

    This week the interest wont be IF but how quickly gold regains its shine!

    The Dow at 10748 has topped, just over the last major high of 10728 on 3.3.02. Normally confirmation of a new high signals a positive trend, however a fall of 1% in a single day and failure to hold the new highs isnt good news for the index. I would say that FED's decision to preannounce the interest rate increase overnight had something to do with it. (Think I will be going fixed rate this week on my loans).


    The Dow chart may well be a double top signal, but i need more confirmation of this before i commit my Superanuation out of the equities sector. Only trouble is i can only switch sectors once a week so i need to wait untill next thursday, by then it may be too late-we all know how far equities can fall in that time!

    Chuckey
 
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