The crappy week so far is all about punters funding their margin calls by selling winners. I don’t think it’s any reflection on fundamentals. In a really positive sign, after the dump there were people wiping lines to get in with $1m traded yesterday.
The gold price has held up really well. Despite pressures to fund margin loans, gold is actually up in AUD and NZD during this sell off. The slight sell off in the USD gold price is just because the USD rallied hard which normally sees and equal and opposite move in gold.
SMI Price at posting:
81.5¢ Sentiment: Buy Disclosure: Held
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