It's really quite amazing that the gold timers today aren't more bullish. During last Friday's trading session, when bullion broke out to a new all-time high, the HGNSI didn't budge. And it rose only 7 percentage points as gold briefly traded at an even higher level on Monday.Earlier, he noted that some technicians saw Monday's plummet as a one-day reversal: a pattern that's supposed to bode ill for the asset in question. So far this morning, gold has co-operated with that pattern: it not only fell below $1,240 in early regular trading but also dropped below $1,230. The $1,220-$1,240 range has been re-established.
Just imagine how euphoric stock market investors would become if the Dow Jones Industrial Average were to have just traded above its previous all-time high of 14,165. There'd be dancing in the streets.
Wednesday, June 23, 2010
Mark Hulbert Says Gold Timers Cautious
In a Marketwatch commentary, Hulbert points out that sentiment amongst gold timers hardly budged when gold made its record high on Monday. Current readings are fairly low.