Four years after it topped at $1,900 per ounce, gold has been
languishing in a range closer to $1,200. With interest rates low and
most measures registering no inflation, gold seemed to be a dead asset.
Its role as a hedge was dismissed by almost everyone except for the gold
sellers on TV.
Sentiment naturally turned very bearish, and that is when contrarian ears perk up.
Monday and Tuesday were unusually bullish days for the metal. However,
the patterns on gold charts remain choppy-but-flat trading ranges. When
viewed with a long-term eye, the trend is officially still to the
downside. (more)
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