I dunno, something seems, well, not right.....

First, before I begin my rant, gold had a terrific day, closing up $21 to slightly below $930 on the April contract. It had traded as high as $934 before da boyz came in for a moral victory of knockng the price below resistance at $930. The reasons for this incredible rise were many, pick the one you like most: Oil up $4, China reporting runaway inflation, The Nationalization of Northern Rock, or was it Plat and Palladium continuing their tear to all time highs?

So why do I feel that something wasn't right today? Let me say, I am the kind of guy that like my beer cold, my burgers hot, and my homsexuals falaming! (copyright Homer Simpson) Today, the dollar started the day in the doldrums and for whatever the reason, but par forthe course, rallied to only finish down a few ticks. I would have thought with all that was going on, the dollar would have been crushed. But that's me, I get willd like that. It felt weird to see gold up that much with the dollar basically flat.

The market, for whatever the reason started the day like a ball of fire. However, it was quite clear that the rally would not last as the financials were not rallying along with the rest of the market. The market was nicely higher until oil hit $100 and then the market gave up its gains and finished slightly down. It was very nice to see the gold stocks finally have a nice day as the HUI was up 19 and only two points off its high. However, once again we missed the trifecta of gold, the market and the gold stocks all screaming higher together.

So, was today the start of the push that finally brings gold over $1000? Who knows? Tomorrow we have CPI coming out as well as the Fed minutes so we have to wait and see how those numbers play out. In addition there is still the little matter of resistance levels. I already mentioned how it was capped at below $930 today, so gold has to break and close above that number before we go much higher. The final level of resistance would be the double top of $942. If gold can break that number along with a lower number, I would feel more comfortable.

I dunno, maybe it's because I'm tired that I feel this way, but I know gold had a great day, but it didn't feel like it. And, I had a pretty good day trading, I guess I need to see gold get over $942 convincingly. Either that or a good night's sleep.