Could have been a result of machine buying. Speculators who don't want to
get caught out with a short position over the weekend when gold is above
345.
Especially as the long-term upward trend is unbroken (
http://www.u2networks.com/markets/ ) and Hongkong, which opens before
London and New York has been playing some nasty tricks on American traders
in the past few weeks.
That said, short and interim trends are still pointing down and the only
positive aspect is really that the 340 range seems to be the bottom for
now.
For the sake of the gold bugs, could anyone sizeable invade a neighbouring
country, please? Just kidding. But on mere graphical analysis alone we are
in a market that could go either way for any number of reasons - which is
why it appears to be stuck in a somewhat narrow trading range for now -
but which needs to go up rather hastily to stay within the long-term
up-ternd.
Just my 2 shilling and halfpence.
Cheers,
Robert.
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