--Paula Porifki (An Officer and a Gentleman)
After peeking above $1350 yesterday, gold decided it wasn't quite ready to assault long term resistance in the $1350-$1400 area.
It is easy to see why some technicians see this juncture as important. Should gold decisively poke thru these levels, the technical picture suggests little subsequent resistance until $1600ish.
It is no coincidence that the technical drama corresponds to growing anticipation of accomodative monetary policy coming from the Fed.
position in gold
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