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Updated chart:
Here is my take on today's 'weird' action. The ECB (european centralbank) and the BOE (bank of england) didn't cut rates today like manygoldbugs thought. This action by the banks certainly did push the majorcurrencies higher and the USD lower.
So why didn't gold climb with it? simply put many PM investors believedthat the ECB and BOE (especially) would start to competitively devaluetheir currencies to try and keep ahead in the market place (makingtheir items cheaper to buy). BUT, since they didn't, I believe thatmany PM investors in England, Europe, Canada and even the US sold theirPMs that were based on the assumption the these banks would cutinterest rates today.
Plus, also the fact that the dow gained an extention of wave 1 of [5].I believe that the Dow will most likely make a sideways day tomorrow.But will head into wave 2 of [5] (up) monday the 10th.
So thought is that we will see more sideways movement of gold over thenext 24hrs, and then start an explosive run into wave 5 starting Sundayevening, march 9th.
This is all just an educated guess, please don't bet on my opinions.
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