Tuesday, January 12, 2010
GOLD WAS CONSOLIDATING HERE IN A LONG LINE BUILDING ENERGY TO MOVE HIGHER BUT HAS JUST MOVED LOWER AS TRADERS BAIL OUT DUE TO LACK OF UPWARD MOVEMENT
WE ARE ABOUT ONE HOUR FROM THE TIME PERIOD
WHEN THE FOREIGN MARKETS KICK IN A GOLD
STARTS TO MAKE SOME SUBSTANTIAL MOVES ANY
TIME FROM 11PM PST THROUGH MIDNIGHT PST AND
PERIODICALLY DURING THE WEE HOURS
GOLD GETS KNOCKED DOWN AND IS STAYING DOWN NEAR ITS LOWS
THE BULLION BANKS TOOK ADVANTAGE OF THE NEWS
THAT THE CHINESE HAVE INCREASED THEIR RESERVE REQUIREMENTS:
AND
ANY REASON WILL DO.
THE FACT IS THAT GOLD GOT KNOCKED FOR A LOOP AND IS A
GREAT CASH BUY DOWN HERE.
TRADERS HAVE TO BE MORE CAREFUL
AN INVERSE HEAD AND SHOULDERS PATTERN IS DEVELOPING, THAT RESOLVES UP
STOCKS, OIL TURNING UP
EURO, NOT YET, BUT SHOULD SOON
AS USUAL, GOLD JUST HAD TO DIP DOWN TO THE 75% RETRACE POINT SO IT COULD RALLY
GOLD RALLIES OFF THE 75% RETRACE POINT WITH
GOOD VOLUME AND SHOULD CONTINUE HIGHER
GOLD MAY HAVE TOPPED OUT FOR NOW AS STOCKS, EURO, OIL PULL BACK AFTER A GOOD RUNUP
WE SHOULD GET A DECENT PULLBACK HERE TO
BE ABLE TO BUY BACK IN FOR THE NEXT MOVE HIGHER
GOLD RALLIES TO THE BOTTOME RED LINE OF THE TRADING RANGE/DOWNTREND CHANNEL JUST VIOLANTED TO THE DOWN SIDE FIND RESISTANCE..NORMAL
GOLD NOT PENETRATING THE RED RESISTANCE LINE
EVEN WITH FAIRLY GOOD UP VOLUME
MAY DO IT SOON THOUGH
SO FAR, THE WHITE LOWER DOWNTREND CHANNEL
LINE IS HOLDING AS THE LOW
GOLD STARTS TO FALL, COULD STOP ON THE WHITE BOTTOM DOWNTREND CHANNEL LINE OR FALL TO LOWER RETRACE POINTS
STOCKS, OIL, EURO HAVE TURNED DOWN
YEN MOVING UP AGAIN
BONDS MOVING UP
BONDS MOVING UP
NOT GOOD FOR HIGHER GOLD
DOLLAR HAS TURNED UP A BIT
STOCKS, OIL KEEP INCHING UP, EURO NOW STARTING TO MOVE UP
GOLD MOVES UP ON GOOD VOLUME THEN FADES
AND WON'T FOLLOW THROUGH
COULD BE A PROBLEM AND MAKE TRADERS START
TO BAIL OUT AND DROP GOLD