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Gold Went Vertical for About 45 Minutes In Early Trading

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July 25, 2011

Warning: This is not a recommendation to buy, sell or hold any financial instrument.

Probably nothing, maybe something: There was a very sharp move higher (to a new record) on gold in early trading coming out of the weekend. It went close to vertical for the first 45 minutes of trading and hit a new high of $1623.17. Prices have pulled back from the highs, but are holding above the previous resistance/range.

Some factor (take your pick) has spooked market participants over the weekend and they stood on the buy side as soon as the market opened.

Asian stock markets are down slightly, but nothing unusual at all so far.

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This article was posted: Monday, July 25, 2011 at 3:15 am

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