Thursday, November 19, 2009
GOLD DROPS A LITTLE LOWER WITH THE EURO, BUT BOTH TURN BACK UP
GOOD SHOULD MOVE HIGHER AROUND 11:00PM PST
AND MIDNIGHT WHEN MOST SUBSTANITAL MOVES
ARE MADE IN THE OVERNIGHT MARKET. THEN AGAIN
BETWEEN 2AM AND 4AM BIG MOVES OCCUR.
THEY DON'T LAST LONG AND CAN REVERSE QUICKLY
SO YOU HAVE TO WATCH THE MARKET ALL NIGHT LONG
GOLD APPEARS TO BE READY TO BREAK TO THE UPSIDE IN EARLY EVENING TRADING
THE TOP WHITE DOWNTREND CHANNEL KEEPS
BEING RAISED TO INCLUDE THE NEW HIGHS BEING
MADE UNTIL IT IS LEVEL WITH THE HIGH AT 1153.40
THE LOWER TREND CHANNEL LINE IS MERELY
A PARALLEL COPY OF THE TOP LINE FITTED TO
THE LOWEST LOW TO THE RIGHT OF THE HIGH (1153.40)
FROM WHICH THE TOP LINE IS DRAWN DOWN ALONG
SUCCEEDING LOWER HIGHS.
THE REVERSE PROCEDURE IS DONE FOR AN UPTREND
CHANNEL BY STARTING WITH THE LOWEST LOW AND DRAWING
A LINE THROUGH THE SUCCEEDING HIGHER LOWS AND
COPYING THAT TRENDLINE ALONG THE HIGHEST HIGH
IN THAT PERIOD OF TRADING
GOLD IS WALKING ALONG UNDER THE TOP WHITE DOWNTREND
CHANNEL LINE AND WILL BREAK UP AND OUT OF
THAT CHANNEL. THE FINAL RETRACE POINT FOR
THIS MOVE BACK UP THE BIG SELL OFF IS AT $1147.50.
GOLD COULD PULL BACK FROM THERE AND THEN
MOVE HIGHER ON ITS WAY TO MOVE TO NEW HIGHS.
THIS $24 PULL BACK FROM THE HIGH AT $1153.40 IS
SMALL COMPARED TO PULLBACKS IN PAST YEARS (SOME
WERE $50 TO $75 DEEP) JUST BEFORE THE END OF YEAR
RUN UP IN GOLD WHICH INDICATES THE STRENGTH OF THIS BULL
MARKET WHICH SHOULD ONLY GET STRONGER AND
RISE HIGHER AS ECONOMIC CONDITIONS GROW
WORSE FASTER AND FASTER EACH DAY
GOLD SHOULD MOVE HIGHER AFTER IT REOPENS AT 3:00PM PST
GOLD HAS FORMED A LITTLE FLAT TOPPED TRIANGLE
WHERE IT IS CURRENTLY TRADING AND SHOULD
BREAK UP AND OUT OF IT WHEN GOLD REOPENS
NOT LIKELY TO BREAK OUT BEFORE THE CLOSE
OF THIS AFTERNOON SESSION
GOLD BREAKS OUT OF THE RED DOWN FLAG
WHITE DOWNTREND LINE REDRAWN TO INCLUDE
THE NEW HIGH. MAY BECOME RESISTANCE
THE RED DOWN FLAG COULD RESOLVE UP, BUT GOLD MAY PULL BACK FURTHER BEFORE THE CRIMEX CLOSE
SO FAR, GOLD IS FINDING SUPPORT AROUND THE
TOP DOWNTREND CHANNEL LINE, BUT GOLD
TRADING HAS SLOWED DOWN AS IT NEARS THE
CLOSE BUT SHOULD PICK UP AGAIN IN THE LAST
FIVE MINUTES OF THE SESSION
UPWARD MOMENTUM SHOULD CONTINUE AFTER THE CRIMEX CLOSE
A PULL BACK INTO THE CLOSE SHOULD BE EXPECTED
GOLD MOVES UP TO THE NEXT RETRACE POINT
GOLD IS GOING TO MOVE UP A STEP AT A TIME
UNTIL IT BEGINS TO SHOW TRADERS THAT THE
BOTTOM IS IN. THEN IT WILL BUILD MOMENTUM
AND RISE FASTER AND FURTHER
GOLD RETESTS THE LOWS THEN RALLIES ON GOOD VOLUME, INDICATES BOTTOMING ACTION
GOLD STALLING AT THE PREVIOUS HIGH BUT MAY
BREAK THROUGH
STOCKS, OIL MAY BE TURNING BACK UP
STOCKS, OIL, EURO STARTING TO MOVE BACK UP
GOLD SHOULD BE NEAR ITS BOTTOM FOR NOW
WHEN IT RALLIES THIS TIME, IT SHOULD MOVE
A LONG WAY BACK UP
GOLD STILL MOVING UP TO THE RETRACE POINTS
STOCKS, OIL, EURO MOVE UP
GOLD PULLS BACK FROM THE HIGH
MAY FIND SUPPORT ON THE TOP YELLOW UPTREND
CHANNEL LINE
GOLD MOVING UP AHEAD OF THE CRIMEX OPEN
STOCKS, OIL, EURO CHOPPING SIDEWAYS NEAR
THEIR LOWS
BONDS MOVING LOWER
DOLLAR STILL TRADING IN THE TOP PART OF ITS
FLAG
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