A lower 75% point is at 955
Friday, August 28, 2009
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.
Thursday, August 27, 2009
STUDY THE PREVIOUS LONGER TERM CHARTS TO SEE HOW WHERE WE ARE RIGHT NOW FITS INTO THE BIG PICTURE
Study the various trend channels and highs that gold
has to exceed to move higher. Gold will break out of the
large yellow downtrend channel to higher prices but will
find resistance at each of the previous highs on the way up.
Within all that, we still need to use the fibonacci retracement
points as a guide to where gold will pull back both up and down
as it stairsteps higher so we can take advantage of our gains
without giving up any profits along the way when gold gets
bashed down at the Crimex each day as a regular occurance.
Gold must break soldily through 960 and close up there to
move up to 980, 1000 and beyond
HOURLY S&P500 CHART (delayed prices)
Stocks have formed a down flag which should resolve up.
It may, but I think it's time for a major sell off
NOT MANY BUYERS SHOWING, GOLD IS STALLING ONE TICK BELOW THE PREVIOUS HIGH
Usually when the price doesn't rise to meet the sellers price,
they will lower their price to meet the market. So far, the
sellers are planted firm two ticks about the previous high
and not budging.
NOTICE THE 260 SELLERS AT 95250
A lot of sellers can keep gold from rising, unless the buyers
gobble them up. Then gold can jump a good bit due to
buying pressure. It takes buyers to offset sellers. Quite
often, a lot of sellers bunched up can indicate a gold spike
about to happen
Wednesday, August 26, 2009
GOLD CONTINUES TO TRADE WITHIN THE WHITE UPTREND CHANNEL
Gold is in 2 down flags, red and blue.
Both resolve up.
The Indicator Markets are starting to be supportive of
higher gold, although the dollar is not moving lower. In fact,
it is forming a down flag which would resolve up...so be
careful.
We are approaching the time when the markets become
more active in overnight trading in the next 45 minutes.
Gold could start movng up briskly, only to pull back just
as fast. I don't bet on any extended moves anymore. I
take my profits as quickly as I get them, whatever size they are.
GOLD ISN'T DOING ANYTHING AS EXPECTED THIS EVENING
More regular trading should start up closer to midnight and
into the wee hours
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