Tuesday, April 10, 2007
I've been watching Gold creep up to spring '06 levels slowly and quietly over the past few weeks. June '07 delivery is up $6.20 to $681.50 an ounce today mostly on news of the U.S. bitch-slapping China (filing two cases with the WTO) for the "piracy and trade issues" that are going on un-curbed. Everyone knows China doesn't take to kindly to being bitch-slapped, but what we're not sure of is how they'll slap back. Looks like a lot of investors are puttin their bets on Gold and against the U.S. dollar.
Gold has been ramping up lately and looking skywards to test resistance at the May '06 (June contract) $732 mark. Lookin' awfully bullish with that fast MA on top and the slow MA on bottom, while the RSI not showing any signs of OB sentiment. $700/ounce gold here we come?!?!!
Meanwhile the U.S.Dollar is (under) performing like some C student from Harvard or something.