Wednesday, July 29, 2009
GOLD RALLY IS SHALLOW, SLOW AND ON LIGHT VOLUME, BUT MAY CONTINUE HIGHER
Dollar making new highs, but oil and euro are attempting
to turn higher. Once gold is out of the Crimex day session
we may see gold move higher
YEN MAKING NEW LOWS, OIL AND EURO ATTEMPTING TO MOVE HIGHER, DOLLAR AT NEW HIGHS
Very hard market to call with the dollar rising, but other
markets appearing to want to begin to support a gold rally.
If gold rises, it could find resistance at the old blue bottom
downtrend line shown which will now be redrawn to include
the new lows just made.
GOLD CREEPING HIGHER ON LIGHT VOLUME AFTER SOME STRONG VOLUME BUY IN AT THE BOTTOM
This rally will not go too much higher without a pull back,
a re-test of the lows and maybe a quick drop lower before
the main rally occurs.
OIL FALLING HARD
No good reason for this little low volume gold rally except
for some dip buyers grabbing a low price
GOLD JUMPS A LITTLE, BUT ALL THE INDICATOR MARKETS ARE BEARISH FOR GOLD
Dollar still strong, currently just under its highs at .7938
ALL INDICATOR MARKET FALLING, GOLD HEADS LOWER
Gold falls below both the blue and red downtrend channels
WEAK GOLD RALLY ON LIGHT VOLUME, GOLD WILL PROBABLY MOVE LOWER
Bonds are moving higher, but the rest of the Indicator
markets are barely moving and are not helping gold rise
YEN TURNING DOWN, EURO TURNING UP, COULD HELP RALLY GOLD
Gold is sitting precariously on a small ledge which it could
fall from
THERE ARE BUYERS AT THIS LEVEL AND THE DOLLAR IS SLIPPING LOWER
If gold doesn't move higher right now, impatient longs
may sell out. Volume is very light
GOLD FINDING TEMPORARY SUPPORT AT 9358, BUT THE RALLIES ARE VERY WEAK ON LOW VOLUME
Bonds and Yen rising, not good for gold
The other Indicator markets are not supportive of gold
right now and are quite quiet.
Dollar is staying up near its highs but is off a bit
VOLUME IS VERY LIGHT ON THIS PULL BACK TO THE 2ND 75% RETRACE POINT
Dollar is slipping from its highs
OIL, DOW AND EURO ALL SUDDENLY TURN LOWER, DOLLAR HIGHER
The pull back was shallow and gold rallied out of it rather
quickly. Volume is still way too light to show any conviction
by buyers
OPENING RALLY ON LIGHT VOLUME EXCEEDS 2ND 75% RETRACE POINT, STALLS AT TOP WHITE UPTREND LINE
Gold moves above the blue downtrend line...good, but
is stalling at the top white uptrend line...not so good.
Not pulling back immediately is a good sign, but volume
is very light. A pull back, then another rally may take it
higher
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