Wednesday, September 2, 2009
GOLD APPEARS TO BUILDING A BASE HERE AND MAY MOVE UP A DECENT BIT BEFORE RETRACING
With dollar slipping, Euro, Oil, stocks rising some
gold should move up. I bought in at the horizontal
green line and will take profits on the first good
up move.
GOLD HAS ALMOST RETRACED 75% OF THE UPPER PART OF TODAY'S RUN UP
I'm going to risk a buy in at the 75% point at 97580
GOLD MAKES ANOTHER NEW HIGH AFTER FINDING SUPPORT ON THE TOP RED DOWN FLAG LINE
Notice that gold is showing all this strength and
the Indicator markets I quote aren't doing much
of anything. Even the dollar is falling that much.
It appears that some very large entities are acquiring
their gold before the collapse occurs very soon.
GOLD MOVES ABOVE THE BLUE INTERMEDIATE DOWN FLAG
Notice the next highs (in yellow) that will be
resistance points for gold to conquer. The maroon
uptrend channel and the white uptrend channel
are about to take over. The BLACK downtrend
channel top line is the most MAJOR line on the
chart which gold has to exceed to move to historical
new highs in gold
THIS LOOKS LIKE THE PATH OF A DRUNK
I'm back after a nap only to find gold has broken
through the 960 'capping' area and made it up
to the 980 area and actually closed near there
on the Crimex session. This is very good, as
gold needed to do this to be able to move higher.
I've never seen such an erratic trading pattern
since this morning's up move until now. It appears
that the gold manipulators have lost control of gold.
I just wish my sleep schedule had not been destroyed
recently trying to follow this market.
When you see lapses in my postings, it pretty much
means I have tried to catch some sleep.
There are two periods in the day when gold trading
is most active...(1) on the Crimex open and (2) right
around midnight PDST represented by the vertical
PINK line on my charts. You will be able to see the
pattern of activity around that time period. It is not
as regular as during the Crimex open, but it's definitely
a pattern of usable movement. It just takes a lot longer
to monitor due to lower volumes.
A LITTLE RALLY HERE, BUT THE INDICATOR MARKETS ARE NOT SUPPORTING GOLD RIGHT NOW
Suprising gold spike as no other markets were
doing much to cause it.
Banks are in big trouble, so it looks like people
are rushing to gold as a safe haven in droves
as well as some big institutions
HUGE GOLD SPIKE ON STRONG VOLUME ABOVE YELLOW DOWN TREND CHANNEL AND BLUE UPTREND CHANNEL TOP LINE
Gold hits 96890 which is way above previous
'capping prices levels breaking up and out of the
white down flag.
Gold will probably pull way back now on profit
taking and may find support on the top yellow
line of the downtrend channel just exceeded.
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