Tuesday, July 14, 2009
GOLD RETRACES UP TO THE 2ND 75% POINT BEFORE PULLING BACK
Dollar rises to .8031
Dow turns back up
Oil on its low
Euro near its lows
Gold still looks weak to me
EURO, OIL, DOW ARE FALLING, DOLLAR IS NEAR ITS LOWS, GOLD SHOULD NOT GO UP MUCH FURTHER
This is probably a bear trap rally
YOU CAN GET WIPED OUT ON THIS TYPE OF MOVEMENT
Bonds drop sharplyDow moving lower
Euro and Oil also pulling back
No good patterns apparent
Let the smoke clear before trading this crap
GOLD OPENS UP WITH A BRIEF UP MOVE ONLY TO SELL OFF IMMEDIATELY ON MODERATE VOLUME
Dollar falls to .80045, so we could have a good gold rallyafter this sell off
PPI AND RETAIL SALES REPORTS THIS MORNING
THE TIC REPORT WILL BE OUT IN THE NEXT TWO DAYS
AUGUST GOLD FINAL NOTICE IS ON THE LAST DAY OF THIS MONTH
THEN WE MOVE TO OCTOBER GOLD
AUGUST GOLD FINAL NOTICE IS ON THE LAST DAY OF THIS MONTH
THEN WE MOVE TO OCTOBER GOLD
GOLD MOVES UP THROUGH THE SELL ORDERS BUT DOESN'T MANAGE TO SPIKE HIGHER
Often, gold will spike through a large number of sell orders and spike higherGold is very caustious here coming into the Crimex open.
Gold could spike quickly on, or before, the open, only to collapse on profit taking
immediately. Or, it could sell off before, or on, the open.
It's up to the manipulators which way the allow it to move.
I only trade the precipitous drops by buying the bottoms of them and selling the quick rally
when it stalls on the run up or hits a know stopping point, like a 75% retrace point
or a previous high.
ABOUT 147 SELLERS AT 925
There will probably be a quick sell off any minute, or at least on the open
Notice the 75% retracement points for gold to move higher on the previous
chart
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