I agree SG that short term anything can happen and yes if I was trading it I would want downside protection. At some point shortly though you would think we see short covering - fyi 40% or 2million shorts added to the pile yesterday - thats a big number - again typically the week post OE the NCM share price rallies. I don't have any current open interest numbers but I suspect that just as the gold market became loaded with speculative longs it has now become loaded with speculative shorts and by the end of the week gold could easily be north of $1800 again - If any QE announcement or hint thereof by big ben Friday night then gold could be back at $1880 - the market is that volitile at the moment anything could happen........ Longer term gold keeps rising and I feel conservatively $2000 - $2500 will be the new range for Q1 next year.
NCM Price at posting:
$39.59 Sentiment: Buy Disclosure: Held
