Dow climbing, other markets barely moving
Wednesday, July 29, 2009
ALL INDICATOR MARKET FALLING, GOLD HEADS LOWER
Gold falls below both the blue and red downtrend channels
WEAK GOLD RALLY ON LIGHT VOLUME, GOLD WILL PROBABLY MOVE LOWER
Bonds are moving higher, but the rest of the Indicator
markets are barely moving and are not helping gold rise
YEN TURNING DOWN, EURO TURNING UP, COULD HELP RALLY GOLD
Gold is sitting precariously on a small ledge which it could
fall from
THERE ARE BUYERS AT THIS LEVEL AND THE DOLLAR IS SLIPPING LOWER
If gold doesn't move higher right now, impatient longs
may sell out. Volume is very light
GOLD FINDING TEMPORARY SUPPORT AT 9358, BUT THE RALLIES ARE VERY WEAK ON LOW VOLUME
Bonds and Yen rising, not good for gold
The other Indicator markets are not supportive of gold
right now and are quite quiet.
Dollar is staying up near its highs but is off a bit
VOLUME IS VERY LIGHT ON THIS PULL BACK TO THE 2ND 75% RETRACE POINT
Dollar is slipping from its highs
OIL, DOW AND EURO ALL SUDDENLY TURN LOWER, DOLLAR HIGHER
The pull back was shallow and gold rallied out of it rather
quickly. Volume is still way too light to show any conviction
by buyers
OPENING RALLY ON LIGHT VOLUME EXCEEDS 2ND 75% RETRACE POINT, STALLS AT TOP WHITE UPTREND LINE
Gold moves above the blue downtrend line...good, but
is stalling at the top white uptrend line...not so good.
Not pulling back immediately is a good sign, but volume
is very light. A pull back, then another rally may take it
higher
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