Gold rockets +US$10.00 early afternoon (East Coast time). Technical picture on gold (1) shorts/bears fail to push gold below massive support at US$1900, just bounced hard off the 50 day moving average (2) cashed up speculators fleeing falling DOW and NASDAQ indexes, buying gold as a hedge (3) stochastics became severely oversold (most oversold in 6 months) and RSI look like turning upwards and running hard.
Good news + gold price should make MGV longs more wealthy.
MGV Price at posting:
56.5¢ Sentiment: Buy Disclosure: Held
