Friday, July 17, 2009

GOLD MANAGES TO STAY ABOVE THE OLD YELLOW TOP DOWNTREND CHANNEL LINE FOR NOW

I expect gold to drop through current support as the day wears on as
traders see gold not rising further and decide to take their profits.
Gold is, however, consolidating here, and could break out higher.
I just think the shorts will do everything in their power to hold gold
at, or under, 940 for now.
They can't let gold close above 950, or gold will move much higher, and
they don't want that to happen.