For those that follow MA trends, this is a buy signal. I'm not one for blindly following moving averages, in that they are always out of date as such, but in longer term timeframes, I do think they are useful for eliminating noise and identifying trends and I've decided to buy some more gold at $1707 per ounce. I like the fundamentals anyway and I wouldn't be shocked to see it hit $1800 an ounce before the year is out.
You can see from the above chart, the trend followers would have made a killing when the moving averages crossed over and suggested good was a good buy at $870 around March/April 2009. That trend lasted all the way to April of this year when the 50MA crossed back below the 20MA and suggested a sell at $1707. That's some profit! Hindsight is a wonderful thing however.
Anyhow, for various reasons, I'm back involved with gold.
On the racing front, I've one form study bet today, Yes Way Hosay in the 2.40 at Down Royal, priced around 10/11. Here's Timeform's comments:
Bumper winner who finished fifth in Champion Bumper at Cheltenham Festival in March. Collared on line when nose second of 20 to Digeanta in maiden at Gowran on hurdling debut. Sure to progress.
The big danger for me is Gordon Elliot's Bonisland, which I'm told by the trainer is a quite exciting prospect. He won a point-to-point in May and then won his bumper very well. Perhaps the selection's experience will count for something though and I think he'll just about edge it. Could be a cracking race.
As always, thoughts and comments are most welcome.
Wayne
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