A very tough day to trade unless you were already
long. None of the other markets gave any valid
signals that would have helped you have any idea
that gold would move up this strongly.
I still think some major buyers (like China) were
involved. This was just to big and solid an up move
to be merely safe haven buying. Short covering
had to be involved at one point.
The important thing is that we are now above
750 and will probably stay above it.
Additionally, the psychological level (round number)
of 800 was pierced (not persuasively) and not just
bounced off of from below. Gold may very well
go above 800 this afternoon before the 2:15pm pst close
until Sunday at 3pm pst. Then we may see gold really
take off if more problems come about on the weekend.
