Russian Gold

They have become us, and we have become them.

Like so many instances in foreign stuff, we teach them how to do it right, then we promptly forget about it ourselves.

 

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I usually look at the 14 and 30 day MAs, but with prolonged upswings like we've had, the 60 day MA takes on more relevance (personal opinion).

I fully expected a consolidation around $980 before starting the next leg up...but today's GDP number was quite a surprise. I still think the trend is lower in the short term, though...we'll see.

 

I don't put any faith in moving averages, but I agree that $980 looks like a support area that would be tough to break below. I don't think the GDP number is relavant because there is so much debt accumulation in it. It's like someone with a salary of $40,000 who decides to borrow and spend $4,000 and then claims a 10% increase in income.