Wednesday, July 29, 2009
A TWO DOLLAR RALLY ON ALMOST NO VOLUME WITH A STRONG DOLLAR, WEAK EURO AND OIL
This rally is going nowhere for now.
Bonds have taken back almost two thirds of their sell off
GOLD MAY MOVE A LITTLE LOWER
Euro moving lower, Oil chopping sideways on its lows
Bonds moving up after the plunge
Dow up some but still off 62
Dollar just under its new high at .7981, currently at .79735
GOLD RALLY IS SHALLOW, SLOW AND ON LIGHT VOLUME, BUT MAY CONTINUE HIGHER
Dollar making new highs, but oil and euro are attempting
to turn higher. Once gold is out of the Crimex day session
we may see gold move higher
YEN MAKING NEW LOWS, OIL AND EURO ATTEMPTING TO MOVE HIGHER, DOLLAR AT NEW HIGHS
Very hard market to call with the dollar rising, but other
markets appearing to want to begin to support a gold rally.
If gold rises, it could find resistance at the old blue bottom
downtrend line shown which will now be redrawn to include
the new lows just made.
GOLD CREEPING HIGHER ON LIGHT VOLUME AFTER SOME STRONG VOLUME BUY IN AT THE BOTTOM
This rally will not go too much higher without a pull back,
a re-test of the lows and maybe a quick drop lower before
the main rally occurs.
OIL FALLING HARD
No good reason for this little low volume gold rally except
for some dip buyers grabbing a low price
GOLD JUMPS A LITTLE, BUT ALL THE INDICATOR MARKETS ARE BEARISH FOR GOLD
Dollar still strong, currently just under its highs at .7938
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