Monday, August 17, 2009
THE RETRACE POINTS ON THE WAY BACK UP ARE NOT THAT FAR AWAY BUT DON'T OFFER THAT MUCH PROFIT
$100 profit per dollar move up in gold isn't that much
unless you have lots of contracts or the move is many
dollars in length. The way gold has been trading makes
you HAVE TO TAKE your profits quickly on these small
moves which chews up your profits in commissions and
possible small losses along the way.
If you can get a low buy in and hang on for the long run up
it will pay off and be less stressful. Just don't over buy or
over margin yourself.
HOURLY YEN CHART (delayed prices)
A STRONG YEN DOES NOT HELP JAPANESE EXPORTS
AND THEY WILL DO EVERYTHING THEY CAN TO
WEAKEN THE YEN..THEN THE CARRY TRADERS
MOVE BACK IN AND BUY IT
GOLD KNOCKED LOWER TODAY, RETEST THE LOW TWICE AND RALLIES ABOVE THE DOWNTREND LINE
Gold pulls back to the white short term top line of the
downtrend channel just before the afternoon gold close.
Dollar is slipping from its high price.
Overnight gold trading will have to show us if gold will
rise from this level or sink lower before buyer see a bargain
GOLD BREAKS DOWN THROUGH ALL THE TREND CHANNEL LINES
Gold could still fall to the 75% point or lower
This is a major shake out before the big climb to new highs
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