Somebody’s already bought almost a day’s worth of SLV (last 10 days’ avg. volume) in the first 20 minutes. GLD more than half its 10 day volume. I guess it was not just the amateurs waiting for support to be tested. Just hope it’s not Ukraine related.
Well, NFTRH was not able to say whether or not the gold price would stop at the obvious support target of 1270 or not, but it was obvious that it would be tested. From #287:
“The long anticipated support line [1270] draws gold like a magnet. Whether it will hold is for soothsayers and gurus to answer in advance. But it is likely to be tested.”
The other day I read something from a gold booster who writes with a certain authority, a certain surety that gives the impression that the way he calls the gold market is the right way and above all others. After all, he kept the troops bullish all the way down last year with Indian Wedding this and bullion banks that.
The other day he called people looking for lower prices on gold “amateur technicians” even though 1270 was obvious. Chalk one up for the amateur technicians.
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