Gold is pushing for $1,800 – will it make it?

Gold's impressive rally has pushed hard for the key $1,800 milestone. But most traders are likely to be disappointed, says John C Burford. Here's why.

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OK, it's time for me to face the music on gold!

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OPEN INTEREST: 478,609
COMMITMENTS
224,98833,87327,931148,802398,435401,721460,23976,88818,370
CHANGES FROM 09/11/12 (CHANGE IN OPEN INTEREST: 18,078)
10,5851,486-1365,65418,19616,10319,5461,975-1,468
PERCENT OF OPEN INTEREST FOR EACH CATEGORY OF TRADERS
47.07.15.831.183.283.996.216.13.8
NUMBER OF TRADERS IN EACH CATEGORY (TOTAL TRADERS: 105)
21657724550289159Row 8 - Cell 7 Row 8 - Cell 8

John is is a British-born lapsed PhD physicist, who previously worked for Nasa on the Mars exploration team. He is a former commodity trading advisor with the US Commodities Futures Trading Commission, and worked in a boutique futures house in California in the 1980s.

 

He was a partner in one of the first futures newsletter advisory services, based in Washington DC, specialising in pork bellies and currencies. John is primarily a chart-reading trader, having cut his trading teeth in the days before PCs.

 

As well as his work in the financial world, he has launched, run and sold several 'real' businesses producing 'real' products.