Opps!...gold price apparently takes a dip after my post on where I felt it might/should be heading
http://stockrats.blogspot.com/2010/06/it-was-oil-now-its-gold.html. One reader after reading my post said that to me. In between his words, I read these :"Wong, you are wrong this time. It isn't happening the way you described in your blog...booooo"
BUT, here's how I look at it...I am even more bullish with this dip. Why? This dip is quiet. There is not much media coverage. And, in my view [at least], a quiet dip is scary; Something big is in the making. There is no sign and no words of panic selling; which is a typical sign of a bubble?
what's more fishy about this dip from high is that it happens in the midst of global economic amplified news on 'uncertainties' of , well...what most refer to as a double dip recession AND the point is that I would expect gold prices to continue going up using these negative economic concerns as an 'excuse/reason/catalyst' to fuel the gold price rally. They may have jolly well said that "People are buying more gold to protect their cash against economic doldrums and sovereign debts risk." ...and you then see the price hitting yet another new high....[ my supposition]...but I am not hearing these. SO, are we only on the half way mark of a further price consolidation aiming at a bigger sprint when more gold are cornered? Your guess is as good as mine..truly.
And, yes. I still owe a post about how stock price fluctuates in [my] hypothesized pattern. Been quite busy trying to get my trading software development up lately.