Assuming the carry trade will ramp up again following the green light last night from Bernanke, Gold should rise on the back of short covering and cheap money, and of course the ballooning defecits...
Structure of the USD remains weak long term
From a trading standpoint defence of 36 was very good considering the continued fall in gold yesterday.
Gold bounced off the previous summit which took years to regain 1134 is moving forward above the all important "mind" level of 1150.
Last intratra day was 39.75 so with all the upgrades still in place,,,I assume it will push towards 37.24 (last high) and then onto the high of last week.
Markets have changed rapidly in the last 48 and of course can change again,but at this moment in time NCM is looking good for a further GAIN, pain looks over but will come for the shorts soon enough..
POG 1167.60
NCM Price at posting:
$36.46 Sentiment: ST Buy Disclosure: Held
