commodities have drastically consolidated over the past few days. we found some support in gold here today around the 910 area. should we continue to base here, our uptrend is still vaild.
regardless of the amazing spin the fed put out last week, we still have to remember a few things in this market:
1. banks are still in trouble. just because they can print money whenever they want doesn't mean that they can forever.
2. the more money printed, the lower the $USD.
3. the lower the $USD, the higher we'll see the price of gold.
i'd consider market conditions differently in the long-term perspective when the overall picture of the global & us economy seriously turns for the better. in the action of last week's market, i'd be looking for buying opportunities. however, as of thursday's trading session, i recommend holding cash until monday to see where the markets want to go from this point on. we're going one way or the other from there. a rise back up would be for the short term. a move down would be very bad news for the markets.
$16.22 (03/21/08)
