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Tuesday, April 28, 2015

Gold Back Above $1,200 per Ounce

Yesterday gold surged above $1,200/oz. for its best day since January.
  • Reports on Friday sad Venezuela's central bank had converted 1.4M oz. of its gold reserves into at least $1B in cash through a swap with Citibank. 
  • "That was a huge potential seller taken out of the market. It's not an overhang anymore," Dennis Gartman said on the Venezuela deal.
  • Other gold watchers say the bigger factor driving prices was the expiration of May options and short covering; an increase of 13K shorts in the market is a positive since those traders could be forced to buy gold when they cover, says Kevin Grady of Phoenix Futures and Options.
Today gold futures are higher again:
Gold testing a 15-year trend line:

Gold prices retraced the 61.8% Fibonacci level 
Is the bottom in?

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