Right on cue from the dollar, the GOLD PRICE in the aftermarket jumped from a lackluster close up USD1.20 at USD945.50 to USD951, where it remains. Snappy day for gold, bouncing back like that, but it must close above USD955 then USD961 to break free of this trading range. Today's market had the feel of control by traders with one eye on the US dollar pit and one eye on the gold pit. This is not big trading, it's dulldom.
August has almost ended, and next week the big traders in US will return. We'll see what happens then. I expect gold will begin to year end rally in earnest and demand on gold also will increase due to after August is marry season in Asia.
0 comments:
Post a Comment