Friday, September 4, 2009
THIS WEEK'S GOLD TRADING
THE VERTICAL PINK LINES DESIGNATE MIDNIGHT PDST
THE VERTICAL WHITE LINES DESIGNATE THE COMEX OPEN
THE VERTICAL BLUE LINES DESIGNATE THE COMEX CLOSE
WE NOW HAVE A 2ND INVERSE HEAD AND SHOULDER PATTERN WHICH SHOULD RESOLVE UP
Granted, these are very short term patterns,
but all we care about here is the short term
as gold moves back up through the next two
retrace points. There is a good chance gold will
move up through $1000 today in the next two hours
THE RIGHT SHOULDER SINKS TO NEAR THE WHITE LOWER SUPPORT LINE AND RALLIES
The right shoulder remains a shoulder as long
as it doesn't go below the head, which it didn't
by only two ticks
THIS IS AN INVERSE HEAD AND SHOULDERS PATTERN WITH A SMALL DOWN FLAG ON THE RIGHT...RESOLVES UP
There is the right shoulder...now up higher
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