Thursday, January 14, 2010
THE YELLOW UPTREND LINE HAS HELD TWICE SO FAR BUT NO BIG RALLY OFF IT
NO HELP FROM THE EURO, STOCKS OR OIL EITHER
BUT WE ARE NOW APPROACHING THE HOUR WHEN
THE FOREIGN MARKETS WILL KICK IN A MOVE GOLD
ONE WAY OR THE OTHER
GOLD BOUNCES OFF THE YELLOW UPTREND LINE
THIS IS A TRICKY PLACE TO CALL. GOLD CAN EITHER
RALLY FROM HERE OR DROP DOWN TO THE 75%
RETRACE POINT BELOW.
OIL AND EURO ARE ATTEMPTING TO TURN UP
GOLD NEEDS TO STAY ABOVE THE RT SHOULDER TO KEEP THE INVERSE HEAD AND SHOULDERS PATTERN IN PLAY
GOLD WILL PROBABLY DROP FURTHER TO THE
YELLOW UPTREND LINE OR THE 75% RETRACE POINT
WHICH IS STILL ABOVE THE RIGHT SHOULDER OF THE
INVERSE H&S PATTERN WHICH RESOLVES UP
MARTIN LUTHER KING HOLIDAY TRADING SCHEDULE
http://www.cmegroup.com/tools-information/lookups/advisories/clearing/files/Chadv10-11.pdf
GOLD WILL TRADE FRIDAY AND MONDAY ON A SHORT TIME SHEDULE
SEE THE YELLOW HIGHLITED PARTS
GOLD WILL TRADE FRIDAY AND MONDAY ON A SHORT TIME SHEDULE
SEE THE YELLOW HIGHLITED PARTS
GOLD GETS POUNDED DOWN TO THE BOTTOM RED LINE OF THE TRADING RANGE
THIS IS PURELY A COORDINATED HIT BY THE
BULLION BANKS AS THE OTHER MARKETS HAVE
DONE NOTHING TO INFLUENCE GOLD IN THIS MANNER
GOLD CONTINUES TO CONSOLIDATE IN THE RED DOWN FLAG, SHOULD MOVE HIGHER EVENTUALLY
THE LONGER GOLD CONSOLIDATES HERE THE
MORE LIKELY A BREAKOUT BECOMES.
BUT, WHICH DIRECTION?
STOCKS, OIL FALLING, EURO, YEN RISING
GOLD RISES TO THE TOP RED LINE OF THE DOWNTREND
CHANNEL AND HITS THE 75% RETRACE POINT.
NOW PULLING BACK
NOTHING IS VERY CLEAR RIGHT NOW AS TO GOLD'S
DIRECTION SHORT OR LONG TERM
THE LARGER PICTURE
GOLD WILL PROBABLY FALL TO THE LOW SIDE OF
THE RED DOWN TREND CHANNEL OR GO EVEN LOWER
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