Gold Gaps Up Into Weekend: Biggest Weekly Gain Since July 2006
November 24th, 2007WARNING: This is not a recommendation to buy, sell or hold any financial instrument.
Woh.
But… Hmm. Thin holiday volume…
Decent chance for an ascending triangle long play setting up on the daily interval… or is it a short squeeze??? We’re range bound again, roughly between $772 and $845. The weekly stochastic oscillator is still perilously high (mid 80s), from a long perspective. It’s going to take a serious grunt to break above $845.
Ahh, feels good not to be trading this.
Via: Bloomberg:
Gold jumped 3.3 percent, capping the biggest weekly gain since July 2006, as the dollar’s decline to a record against the euro and climbing energy costs sparked demand for the metal as a hedge against inflation.
The price of gold has surged 29 percent this year, and the dollar is down 10 percent to the lowest ever against a basket of six currencies, including the euro and the yen. Crude oil closed above $98 a barrel, and heating oil climbed to a record.
