GOLDTRADER'S GROUP (NEW BLOG): Jul 28, 2009

Tuesday, July 28, 2009

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DAN NORCINI COMMENTS ON TODAY'S GOLD TRADING

EXCERPT FROM JSMINESET.COM

The perma gold bears at the Comex, aka, the bullion banks, wasted no time in smashing bids above $958 once again showing their presence at the rigged Comex market. This time however, the sell off in crude oil coupled with a flight away from risk and back into the Yen, led to panicked long liquidation as gold dropped down through the bottom of the trading range that has held for the last few trading sessions. Not only did it drop below $946 - $948, but it fell all the way through critical support at $940. Failure to gain its footing here sets up further downside and a test of the $932- $930 level. Conversely, a push back above $946 and into the trading range zone will allow for further consolidative type trade.

With today’s raid on Gold, the price charts have turned bearish once again short term. The daily chart however shows more of the same constricting pattern that has contained gold since February of this year. The highs are lower but the lows are higher as we move from February towards July. In other words, gold is forming a coiling pattern on the daily charts. Seasonally we normally do not see a lot of strength in gold until late in August so this pattern is nothing to be concerned about as long as gold can maintain its footing above $900. I would be a bit concerned were it to break down at that level as it could conceivably move down towards $880 were that to occur but even that would not particularly bother me since that would correspond with the 100 week moving average on the weekly chart which still shows a very broad sideways pattern going back as far as January 2008.