Gold is storming this important resistance. As I told you (and I gleaned this from the experts), the 1,764 level will be strongly defended. Last night, gold surged to 1,782 then sold off. This morning gold surged to 1,765 then sold off to 1,733. Overseas markets are opening.
Meanwhile, the FED eased and told the Market it planned to keep interest rates near zero. The Stock Market replied with a huge rally. IMHO, this is not enough and I expect other measures.
BTW, gold is clearly changing the slope of advance. Silver is quiet and so is the ZAU. This is an institutional rally in gold.
Tuesday, August 9, 2011
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