Friday, September 11, 2009
GOLD RETRACES UP 68% WITHIN THE RED UP FLAG THEN BACK DOWN JUST BARELY BREAKING UP AND OUT OF THE WHITE DOWNTREND CHANNEL
The red up flag resolves down, maybe now.
GOLD FORMS A LITTLE UP FLAG THAT WILL RESOLVE DOWN
Gold should move lower to the 75% point at 1004.10 which
coincides with the turquoise blue uptrend line where support
should exist.
For now, the other markets are not supportive of higher gold
but may change when gold moves down to the point discussed
above
THE LARGER PICTURE
Gold is in the overbought upper area of the YELLOW
Intermediate Uptrend Channel
The upper bounds are near $1024 which is one of Sinclair's
numbers and where gold should pull back before moving to
the next higher number at 1089
GOLD FALLS FASTER TO THE 2ND 75% RETRACE POINT
This is classical behavior of making a slightly higher high
then collapsing on profit taking. How far gold pulls back
is to be seen, but it's moving down faster
GOLD MAKE ANOTHER NEW HIGH JUST UNDER THE YELLOW UPTREND CHANNEL TOP LINE AND PULLS BACK
This may be the high for the day as the shorts will nw
be doing whatever they can to pound gold back down, or
at least, keep it contained here
RHINO HORN ALERT!
GOLD SELLS THESE DOWN FAIRLY DRAMATICALLY
SO FAR, GOLD IS FINDING SUPPORT ON THE BLACK
DOWNTREND LINE, BUT WILL PROBABLY MOVE
LOWER ON PROFIT TAKING
GOLD MAKING NEW HIGHS AT 1013.20 AND NEARING THE YELLOW TOP UPTREND CHANNEL LINE
GOLD NOW PULLING BACK FROM THE NEW HIGHS
GOLD MAY FIND SUPPORT ON THE BLACK MAJOR
DOWNTREND CHANNEL LINE JUST EXCEEDED
GOLD MOVES HIGHER BUT IMMEDIATELY PULLS BACK, NOT RETESTING THE HIGHS
VOLUMES ARE BUILDING
GOLD IS NOT THAT FAR FROM
THE TOP PRICE AT 1009.60 WHICH
SHOULD BE RESISTANCE
GOLD IS NOT THAT FAR FROM
THE TOP PRICE AT 1009.60 WHICH
SHOULD BE RESISTANCE
DOUBLE TOP AS GOLD TESTS THE HIGHS, VOLUMES ARE NOT INDICATING A MASSIVE BUY IN COMING, GOLD MAY PULL BACK FROM HERE
Oil, Stocks rising
Gold could consolidate here for a further move up, but
I suspect a pull back before it moves higher
Dollar not collapsing basis my delayed prices
Euro not rising dramatically
BUT NO, GOLD REVERSES AND RALLIES, THEN STALLS NEAR THE HIGHS
DON'T TRUST THIS MARKET AND DO NOT CHASE IT.
THERE WILL BE A PULL BACK TO BUY IN ON
NEVER BUY STRENGTH IN GOLD
ONLY BUY WEAKNESS
SO FAR NOTHING VERY EXCITING, BUT WAIT FOR THE LAGGING RESPONSE
STARTING TO LOOK LIKE GOLD MIGHT GET BEAT DOWN
FALSE RALLY BEFORE THE REPORT...WAIT FOR THE REPORT IN 2 MINUTES
IT DOESN'T MATTER WHAT THE REPORT SAYS,
JUST WATCH WHAT THE MARKET DOES AFTER IT
GOLD MOVES DOWN SLOWLY ON CRIMEX OPEN, UNEMPLOYMENT REPORT SHOULD MOVE MARKET IN FIVE MINUTES
STOCKS, OIL, EURO STILL MOVING LOWER
UNEMPLOYMENT REPORT ON THE HALF HOUR SHOULD MOVE THE MARKET
STOCKS, OIL, EURO all moving lower before
the Crimex open
the Crimex open
GOLD READY TO SPIKE HIGHER BUT SHOULD GET KNOCKED DOWN ON THE CRIMEX OPEN FIRST
BE VERY CAREFUL HERE!
OVER 200 SELL ORDERS WAITING NEAR THE HIGHS
If they get triggered, gold will go up (Sellers need buyers
to fill their orders making gold rise)
If gold does spike first, it will be sold off quickly and the
reverse if it sells off fast.
DON'T ASSUME ANYTHING UNTIL YOU SEE IT HAPPEN
DON'T GAMBLE ON THE OPENING DIRECTION
