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  • Gold does not hold 1300

Gold does not hold 1300

randholm
May 23, 2014 10:14 am / Published in GLD, GOLD, Market Update, SPY

Gold does not hold 1300

Sooner or later we will break of the range in and because of the holiday I guess the short will not want to hold their positions over the long weekend.

The market internals shows buying pressure 1.7: 1 in NYSE and 1.85 : 1 in Nasdaq. We will brake to the upside.

Ahead of weekend Ukraine election and rising violence, gold fails to hold $1300 key level.  If gold does not close above $1300 before the long weekend, it will be a negative sign for gold.

The bizarre interest rate behavior continues; interest rates are falling again this morning while stocks are levitating.

There is a potential for short covering ahead of the long weekend pushing stocks higher.

Oil is mostly unchanged.

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