Monday, July 20, 2009
VERY STRANGE RALLY ON LIGHT VOLUME OF ABOUT 400 CONTRACTS IN 4 MINUTES
The one minute chart of the 5 minute up move on low volume
Prior to this move up, there were over 100 orders BELOW
the price where this move began that did NOT get triggered.
There were NO large bids showing.
Could be some entity is trying to get less experienced traders
to jump on board impetuously so they can then drop the price
on them. We shall see in a moment.
VERY WEIRD MOVEMENTS IN GOLD WITH DOLLAR DOWN AND EURO UP
This is an example of the next two fib retrace points IF
gold should continue lower rather than reverse upwards
75% of the down leg just made as shown in the bottom chart
The fibonacci retracement points don't tell WHICH direction
gold will move in. They ONLY tell you that IF gold moves in
a direction, where the commodity IS LIKELY to retrace
given different PERCENTAGES of likelyhood. I place the
fib lines in the OPPOSITE direction when gold has reached
the 75% retrace point in one direction, BECAUSE it is LIKELY
that it will reverse (retrace) 75% of the move just made.
Gold COULD continue in the present direction to another level
fib retrace point. If it does, I find the higher level (intermediate level)
of high/low points to use for the next higher level fib points
GOLD COULD FALL HARD HERE
Dollar has bounced off the day's low three times, probably
due to PPT goosing
GOLD RALLIES ON LIGHT/MODERATE VOLUME AS DOLLAR MOVES A BIT HIGHER
Bernanke speaks today, so gold has to be kept down. It
may go into a trading range here