Friday, August 14, 2009
LONG TERM CHART SHOWING THE BLACK DOWNTREND CHANNEL FROM THE GOLD HIGH PRICE ON 3/18/08 AND THE BLUE UPTREND CHANNEL WITHIN IT
Notice how close gold is now to the top black downtrend
line. Also notice how shallow the pull backs have been since
the 10150 top and how the succeeding lows have been
higher lows thus creating the blue uptrend channel
GOLD DOES PULL BACK, WILL IT RETEST THE LOW?
Or will it simply retrace to the 75% point at 94510 and
then rally higher?
Dow, Oil and Euro are still down hard
GOLD MAY PULL BACK AT ANY MOMENT, VOLUME IS PULSING LIGHT TO MODERATE
The first 75% retrace point is hit
GOLD COLLAPSES, DOW, EURO OIL ALL DOWN BIG TIME
Gold takes back nearly 100% of the entire last up move
up from 9421. It may rally from here but should retest
the low before the final rally
G OLD RALLIES TO THE 75% POINT WHICH COINCIDES WITH THE BLUE DOWNTREND LINE
GOLD TAKES IT ALL BACK AS I TYPE THIS!
YOU REALLY WANT TO TRADE THIS?
It could stop there and is now pulling back.
Volume is getting erratic
Dow, Oil, Euro all falling fast
Bonds, Yen up strong
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