Dear CIGAs,
The chart below depicts the balance at the Federal Reserve of its Custodial Accounts, which for some of our new readers, is basically the US debt holdings of Foreign Central Banks around the world. As such, it is a good way to gauge the relative indebtedness of the US.
I have been constructing this [...]

Click chart to enlarge today’s hourly action in Gold in PDF format with commentary from Trader Dan Norcini

Dear Friends,
Gold continues on its steady path higher breaking into one new record high after another with the passing of each day. In nominal terms, we are left with nothing on the charts to indicate resistance areas other than projections from various technical methods. The fact is that the Dollar is so weak technically, and [...]

Click chart to enlarge today’s hourly action in Gold in PDF format with commentary from Trader Dan Norcini

Dear CIGAs,
The fallout from the G20 summit over the weekend was sharp and predictable – in the absence of any comments about the level of the US Dollar, currency traders began to beat it with an ugly stick within mere moments of the opening of the Forex markets. In the process traders drove it to [...]

Dear Friends,
By now the government’s data release of this morning’s unemployment number is already baked into the market cake. The crummy news served to reinforce the notion, that helicopter Ben and company will continue their mission of protecting us all from global warming by filling the air with so many scraps of paper (aka – [...]

Dear CIGAs,
News overnight that India was going to stand for half of the proposed IMF gold sale sent shock waves through the gold bear camp resulting in a near panic among trapped shorts. Their buying sent prices ripping through overhead resistance just above the $1,070 level setting off a cascade of pre-placed buy stops that [...]

 
Click here to view this month’s action in Continuous, Euro, Japanese Yen, British Pound, Australian and Canadian Dollar Gold with commentary from Trader Dan Norcini

Click chart to enlarge today’s hourly action in Gold in PDF format with commentary from Trader Dan Norcini

Click chart to enlarge today’s hourly action in Gold in PDF format with commentary from Trader Dan Norcini