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May 16, 2005
Goldminers to recover tomorrow, Mon., May 16, 2005, 4:10 PM
Enough already. I have just used my final piece of ammunition in what is now just a pop gun. Tomorrow morning I had better see I have shot a few bullseyes because I've now run out of ammunition.
In my sights at the end of the day were the senior goldminers. Tomorrow morning (toes and fingers crossed), I'm hoping to see another big PPI, followed by a big CPI number on Wednesday. If that doesn't pull the USD down, and gold up, I'm going on vacation.
Promise.
Daily data charts show an oversold condition on the RSI:
Weekly data charts show an oversold condition on the RSI:
Monthly data charts show an oversold condition on the RSI:
On Thursday afternoon, I'll be at the hospital having a full colonoscopy, so the doctor will be telling me if I was full of (you know). Then Friday morning, I'll review the Hourly data charts of the goldminers to see if I've still got the magic touch.
I expect that gold will recover Tuesday, and I'll be feeling golden Friday.
Remember; toes and fingers crossed.
Reader Thomas Miller has just written: "Are homebuilders going up because of dollar strength also? Just saw a survey where 75% of world wide currency strategists are now bullish dollar up from 52% recently. Maybe dollar top is near?"
Thomas, I sure hope so. ;-)
I'll be watching the Euro:USD cross-rate from midnight on. I might even camp out tonight until the PPI report comes in at 8:30am ET.
Posted by Posted by Bill Cara on May 16, 2005 04:30:12 PM | Category: Commodities , Forex , Gold , Goldminer Producers