{"id":14545,"date":"2013-08-16T08:41:53","date_gmt":"2013-08-16T15:41:53","guid":{"rendered":"http:\/\/www.itmtrading.com\/?p=14545"},"modified":"2013-08-16T08:41:53","modified_gmt":"2013-08-16T15:41:53","slug":"gold-trend-rationale","status":"publish","type":"post","link":"https:\/\/www.itmtrading.com\/blog\/gold-trend-rationale\/","title":{"rendered":"Gold Trend Rationale"},"content":{"rendered":"<p>On Thursday\u00e2\u20ac\u2122s \u00e2\u20ac\u0153Futures Now,\u00e2\u20ac\u009d MacNeil Curry, the head of Global Technical Strategy at Bank of America Merrill Lynch, maintained that there is likely \u00e2\u20ac\u0153further upside\u00e2\u20ac\u009d for those interested in <a href=\"http:\/\/www.itmtrading.com\/\">buying gold coins<\/a>. Actually, he\u00e2\u20ac\u2122s \u00e2\u20ac\u0153looking for a move up to the $1,410, potentially $1,450 area.\u00e2\u20ac\u009d<\/p>\n<p>Not only for those captivated with buying gold coins but in generally speaking, technicians can be seen hunched over their charts and figures mumbling under their breath \u00e2\u20ac\u0153Follow the trend.\u00e2\u20ac\u009d But on occasion they recall the  Blood, Sweat &#038; Tears tune and sing \u00e2\u20ac\u0153What goes up, most come down\u00e2\u20ac\u009d\u00e2\u20ac\u201dor the other way around. In a nutshell, gold fell too far, too fast.<\/p>\n<p>\u00e2\u20ac\u0153If you go back and look at what we did in mid-June, the trend was so overextended,\u00e2\u20ac\u009d Curry remarked. \u00e2\u20ac\u0153This trend had gotten way too stretched, like a rubber band, and now we\u00e2\u20ac\u2122re snapping back.\u00e2\u20ac\u009d<\/p>\n<p>\u00e2\u20ac\u0153The rest of the precious metals complex is now starting to confirm the price action in gold,\u00e2\u20ac\u009d Mr. Curry observed. \u00e2\u20ac\u0153If you look at silver, if you look at platinum, if you look at palladium, those things are starting to rally as well. So that suggests that this is something more than a short squeeze in gold.\u00e2\u20ac\u009d<\/p>\n<p>\u00e2\u20ac\u0153If you look at where a lot of these position unwinds have been transpiring, they\u00e2\u20ac\u2122ve been transpiring in (GLD),\u00e2\u20ac\u009d Curry stated. \u00e2\u20ac\u0153And if you look at the shares outstanding in (GLD), you can see that that is starting to stabilize, which suggests that some of the rampant selling or unwinding that drove this market significantly lower has subsided, at least for the time being.\u00e2\u20ac\u009d<\/p>\n<p>Altogether, Curry insisted the swing is plainly moving higher. \u00e2\u20ac\u0153I certainly wouldn\u00e2\u20ac\u2122t be stepping in front of this thing here,\u00e2\u20ac\u009d he advised.<\/p>\n<p>Here at ITM Trading we are well exercised in chart reading and trend following but we also have great expertise in the benefits of <a href=\"http:\/\/www.itmtrading.com\/recent-threats-to-us-dollar\/\">owning precious metals<\/a> in this volatile time. If such a thing occupies your waking moments please feel free to call us, toll free, at 1 888 OWN GOLD (1 888 696 4653). <\/p>\n","protected":false},"excerpt":{"rendered":"<p>On Thursday\u00e2\u20ac\u2122s \u00e2\u20ac\u0153Futures Now,\u00e2\u20ac\u009d MacNeil Curry, the head of Global Technical Strategy at Bank of America Merrill Lynch, maintained that there [&hellip;]<\/p>\n","protected":false},"author":8,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[1207],"tags":[33,59,198],"class_list":["post-14545","post","type-post","status-publish","format-standard","hentry","category-blog","tag-bull-market","tag-gold-2","tag-buying-gold-coins"],"acf":[],"_links":{"self":[{"href":"https:\/\/www.itmtrading.com\/blog\/wp-json\/wp\/v2\/posts\/14545","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.itmtrading.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.itmtrading.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.itmtrading.com\/blog\/wp-json\/wp\/v2\/users\/8"}],"replies":[{"embeddable":true,"href":"https:\/\/www.itmtrading.com\/blog\/wp-json\/wp\/v2\/comments?post=14545"}],"version-history":[{"count":1,"href":"https:\/\/www.itmtrading.com\/blog\/wp-json\/wp\/v2\/posts\/14545\/revisions"}],"predecessor-version":[{"id":14546,"href":"https:\/\/www.itmtrading.com\/blog\/wp-json\/wp\/v2\/posts\/14545\/revisions\/14546"}],"wp:attachment":[{"href":"https:\/\/www.itmtrading.com\/blog\/wp-json\/wp\/v2\/media?parent=14545"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.itmtrading.com\/blog\/wp-json\/wp\/v2\/categories?post=14545"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.itmtrading.com\/blog\/wp-json\/wp\/v2\/tags?post=14545"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}