Friday, August 28, 2009
THE LARGER VIEW
Gold retraced 75% of the yellow down trend channel
Will it break out next week?
960 is where the Crimex Manipulators are capping gold for now.
It needs to move up to, and beyond 980 and stay there to
be able to move higher.
THIS WEEK'S GOLD TRADING
WE END ALMOST EXACTLY WHERE WE STARTED THE WEEK
If you had held on to a position, you wouldn't have made anything.
If you traded many of the good moves, you would have made lots...
I did. More than at a regular job...and I did it in my sweat pants.
GOLD PULLING BACK AS THE INDICATOR MARKETS TURN AGAINST GOLD A BIT
Gold could still rally after the pull back for the rest of the
afternoon trading
GOLD IS EITHER BUILDING A BASE TO MOVE UP, OR A LEDGE TO FALL LOWER
We are getting near the Crimex close which complicates
things. I think gold should rise before the weekend after
such a strong morning rally, but the manipulators could
hit it hard to paint the chart negative for the weekend.
GOLD MAY MOVE A LITTLE LOWER BEFORE RALLYING
Gold could move down to the yellow downtrend line for
support, or the white uptrend line, or reverse on the 100%
retrace point at 95480. Buyers started moving in in volume
at 956, but the bounce wasn't strong enough to merit a rally
that would continue higher.
GOLD BREAKS OUT ABOVE THE YELLOW DOWNTREND LINE AND PULLS BACK FOR A FURTHER MOVE HIGHER
Well, GT stayed up until about 3am pdst again, then passed
out and hit the snooze button and then didn't wake up until
almost 9am missing this beautiful move (not that I would
have jumped on it when it happened!)
This move just proves that gold is going much higher very
soon. The Crimex manipulators are capping it right now,
but it will just go right back up. So far, gold has pulled back
75% of the up move but could move down to the white uptrend
line before rallying. It could re-rally before the close or in
afternoon trading before the weekend close. I've seen some
outrageous rallies in pre-holiday Fridays like this.
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