Gold needs to fall below $830 or to beak $865 to get out of its trading range, which is fairly wide ($35).
It’s up today, trading around $875-880 on news of the the Israeli attack on Hamas Gaza ( I corrected this in response to a thoughtful criticism). The volume of trade is light (as it was on December 26, Friday) and more volatile than normal. We will see at the close of the half-day whether it’s likely to move to the $885-$900 zone.
Otherwise, it could have put in a top (short-term) after its recent run up.
If so, we could go through support and back under $820 and even $810.
That’s short term. Longer term, fundamentals are strong.
Meanwhile, confirming that investors are still most worried about the return OF their money, rather than ON it (to quote some wag), the Swiss franc shot up further, even though the Swiss economy seems to be contracting, according to recent financial news.
I think that it is a bit sloppy to call it an ‘Israeli attack on Hamas’. To reduce the non-Israeli group to one name tends to mischaracterize the situation and in doing so, lends power to the dominant discourse. The Israelis are not fighting Hamas. The Zionists massacred wantonly before Hamas and they will continue after Hamas is gone. This is a massacre of palestinian people, not some kind of westphalian inter-governmental affair. Remember: individuals not ideologies.
Point taken.
Greetings Lila,
I have enjoyed skimming over your site for the first time today. It hasn’t changed my perspective on markets and politics, as I’ve always had a sneaking suspicion of the corruption, thievery, and maybe even a little murder involved. I look forward to reading more, and picking up Mobs, Messiahs, and Markets as well. You are doing a great service to many by bringing this information to those at least willing to keep their minds open, and forget everything they thought they knew about the world of politics and economics for at least a little while. Good luck in the future and a happy New Year to you.
Sincerely,
C****
Catamount