05 February 2010

Gold : Confounded Expectations

  • Only yesterday, I was watching this for uptrend continuation. Just as well it was Wednesday then and I was waiting for Friday close for confirmation before adding on to long Gold either outright or vs EUR.
  • Today (Thurs) Gold is down 4.2% whilst EUR is only down 0.9%, throwing the triangle continuation interpretation completely off. (Still within XAU/EUR triangle however. Just on the wrong edge for me).
  • Can't say I am surprised by the surprising move however. By now, I am immune to Gold's ability to do the unexpected.
  • So instead of waiting to add to longs on Friday evening, I have ended up cutting some exposure at 1070 earlier tonight.

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