Thursday, January 14, 2010

OVER 230 BUYERS AT 1135 (THE 75% RETRACE POINT)


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GOLD FALLS BELOW THE RED TRADING RANGE AND THE YELLOW UPTREND LINE (removed)


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GOLD STAYS IN THE RED TRADING RANGE


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THE YELLOW UPTREND LINE HAS HELD TWICE SO FAR BUT NO BIG RALLY OFF IT



NO HELP FROM THE EURO, STOCKS OR OIL EITHER
BUT WE ARE NOW APPROACHING THE HOUR WHEN
THE FOREIGN MARKETS WILL KICK IN A MOVE GOLD
ONE WAY OR THE OTHER
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GOLD FALLS RIGHT BACK DOWN


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GOLD DROPS BACK TO THE YELLOW UPTREND LINE THEN SPIKES ON 500 CONTRACTS IN 2 MINUTES




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GOLD GETTING BOMBED AT EVERY OPPORTUNITY


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GOLD RISES ON LIGHT VOLUME VERY CAREFULLY


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GOLD BOUNCES OFF THE YELLOW UPTREND LINE


THIS IS A TRICKY PLACE TO CALL. GOLD CAN EITHER
RALLY FROM HERE OR DROP DOWN TO THE 75%
RETRACE POINT BELOW.
OIL AND EURO ARE ATTEMPTING TO TURN UP
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GOLD NEEDS TO STAY IN THE YELLOW UPTREND CHANNEL


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GOLD SHOULD DROP OUT OF THIS RED UP FLAG




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GOLD NEEDS TO STAY ABOVE THE RT SHOULDER TO KEEP THE INVERSE HEAD AND SHOULDERS PATTERN IN PLAY


GOLD WILL PROBABLY DROP FURTHER TO THE
YELLOW UPTREND LINE OR THE 75% RETRACE POINT
WHICH IS STILL ABOVE THE RIGHT SHOULDER OF THE
INVERSE H&S PATTERN WHICH RESOLVES UP
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THE GOLD BASHERS ARE WORKING NIGHTS AND DAYS NOW


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GOLD DROPPING AS EURO FALLS




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30 MINUTE MARCH 2010 EURO CHART (delayed prices)


EURO FALLING PUSHING GOLD LOWER
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15 MINUTE MARCH 2010 DOLLAR CHART (delayed prices)


DOLLAR RISES
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MARTIN LUTHER KING HOLIDAY TRADING SCHEDULE

http://www.cmegroup.com/tools-information/lookups/advisories/clearing/files/Chadv10-11.pdf

GOLD WILL TRADE FRIDAY AND MONDAY ON A SHORT TIME SHEDULE

SEE THE YELLOW HIGHLITED PARTS
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GOLD SLIPS DOWN TO THE PREVIOUS LOW AT 1140.7


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POSSIBLE INVERSE HEAD AND SHOULDERS PATTERN HAS FORMED, RESOLVES UP


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2:15PM PST AFTERNOON GOLD CLOSE




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GOLD MOVES ABOVE THE TRADING RANGE INTO AND AFTER THE CRIMEX CLOSE


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GOLD MOVES ABOVE THE NEW RED DOWN FLAG


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GOLD MOVES LOWER AHEAD OF THE CRIMEX CLOSE


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NEW TREND LINE COLORS USED, NEW RED DOWN FLAG


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GOLD PAUSES AT THE TOP OF THE RED TRADING RANGE


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GOLD MOVES EVEN HIGHER HEADING TOWARD THE 75% RETRACE POINT ABOVE


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GOLD MAY GO HIGHER


THIS MARKET IS JUST A BIG GAMBLE RIGHT NOW
VERY HARD TO SECOND GUESS THESE MOVES
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GOLD PULLS BACK BEFORE MOVING HIGHER...MAYBE


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GOLD CONTINUES HIGHER IN STEPS


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GOLD WILL PROBABLY RETEST THE LOW OR EVEN GO A BIT LOWER BEFORE ANY STRONG RALLY


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GOLD MAY GO LOWER




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THE LARGER PICTURE


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GOLD GETS POUNDED DOWN TO THE BOTTOM RED LINE OF THE TRADING RANGE


THIS IS PURELY A COORDINATED HIT BY THE
BULLION BANKS AS THE OTHER MARKETS HAVE
DONE NOTHING TO INFLUENCE GOLD IN THIS MANNER
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GOLD GETS KNOCKED DOWN IMMEDIATELY AFTER THE BREAK OUT


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GOLD FINALLY BREAKS OUT TO THE UPSIDE


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GOLD VIOLATES THE BLUE UPTREND CHANNEL LOWER LINE


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GOLD CONTINUES TO CONSOLIDATE IN THE RED DOWN FLAG, SHOULD MOVE HIGHER EVENTUALLY


THE LONGER GOLD CONSOLIDATES HERE THE
MORE LIKELY A BREAKOUT BECOMES.
BUT, WHICH DIRECTION?
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GOLD CONSOLIDATING




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15 MINUTE MARCH 2010 DOLLAR CHART (delayed prices)


DOLLAR FALLS
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STOCKS ABOUT TO OPEN, WHICH WAY WILL THEY GO?


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GOLD STAYS WITHIN THE RED TRADING RANGE


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STOCKS, OIL FALLING, EURO, YEN RISING


GOLD RISES TO THE TOP RED LINE OF THE DOWNTREND
CHANNEL AND HITS THE 75% RETRACE POINT.
NOW PULLING BACK
NOTHING IS VERY CLEAR RIGHT NOW AS TO GOLD'S
DIRECTION SHORT OR LONG TERM
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THE LARGER PICTURE


GOLD WILL PROBABLY FALL TO THE LOW SIDE OF
THE RED DOWN TREND CHANNEL OR GO EVEN LOWER
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NOT MUCH USABLE DIRECTIONAL TRADING RIGHT NOW




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