Thursday, August 27, 2009
STUDY THE PREVIOUS LONGER TERM CHARTS TO SEE HOW WHERE WE ARE RIGHT NOW FITS INTO THE BIG PICTURE
Study the various trend channels and highs that gold
has to exceed to move higher. Gold will break out of the
large yellow downtrend channel to higher prices but will
find resistance at each of the previous highs on the way up.
Within all that, we still need to use the fibonacci retracement
points as a guide to where gold will pull back both up and down
as it stairsteps higher so we can take advantage of our gains
without giving up any profits along the way when gold gets
bashed down at the Crimex each day as a regular occurance.
Gold must break soldily through 960 and close up there to
move up to 980, 1000 and beyond
HOURLY S&P500 CHART (delayed prices)
Stocks have formed a down flag which should resolve up.
It may, but I think it's time for a major sell off
NOT MANY BUYERS SHOWING, GOLD IS STALLING ONE TICK BELOW THE PREVIOUS HIGH
Usually when the price doesn't rise to meet the sellers price,
they will lower their price to meet the market. So far, the
sellers are planted firm two ticks about the previous high
and not budging.
NOTICE THE 260 SELLERS AT 95250
A lot of sellers can keep gold from rising, unless the buyers
gobble them up. Then gold can jump a good bit due to
buying pressure. It takes buyers to offset sellers. Quite
often, a lot of sellers bunched up can indicate a gold spike
about to happen
Wednesday, August 26, 2009
GOLD CONTINUES TO TRADE WITHIN THE WHITE UPTREND CHANNEL
Gold is in 2 down flags, red and blue.
Both resolve up.
The Indicator Markets are starting to be supportive of
higher gold, although the dollar is not moving lower. In fact,
it is forming a down flag which would resolve up...so be
careful.
We are approaching the time when the markets become
more active in overnight trading in the next 45 minutes.
Gold could start movng up briskly, only to pull back just
as fast. I don't bet on any extended moves anymore. I
take my profits as quickly as I get them, whatever size they are.
GOLD ISN'T DOING ANYTHING AS EXPECTED THIS EVENING
More regular trading should start up closer to midnight and
into the wee hours
GOLD HAS CONSOLIDATED JUST UNDER 947 AND MAY SPIKE HIGHER SOON
The next retrace point is at 94840, but has to exceed
the next two highs at 947 and 94760 first.
Gold could even spike up to 95080
THIS IS MORE THAN LIKELY A FALSE RALLY THAT WILL FAIL AND MOVE DOWN TO THE 75% POINT AT 94280 OR CLOSE TO IT
Gold has the habit or tendency of almost always reaching
the 75% retrace points regardless of the interim moves it
will make. If you let the interim moves fake you out and
chase the market, you may be disappointed when the market
turns on you and goes where it needs to go to fullfil the fibonacci
habit of being right almost always
HOURLY S&P500 CHART (delayed prices)
This is a topping formation as stocks fail to exceed the
previous high and thrash about in a consolidation/ledge
which should resolve down
DAILY CHART OF T BONDS (delayed prices)
Notice that Bonds have NOT been able to move above
the previous high. Bonds will eventually collapse, driving
interest rates sky high where they belong. Interest Rates
are THE COST OF MONEY. That cost is DENOMINATED
in the very currency (Dollars) that are losing value. Thus,
the need to get even HIGHER interest rates as a return on
the bonds that people INVEST in.
2:15 PM PDST AFTERNOON GOLD CLOSE
Nothing new today. The Crimex manipulators drive gold
down after the opening rally so it can creep up the rest of
the session. The important lesson here is to take your profits
quickly on the rally...DON'T BE GREEDY!... and then GET OUT
and STAY OUT until gold makes it's usual scarey low. Notice
than gold almost always retests these scarey lows, which is
where you can more safely buy in and hold on for a decent
move higher.
GT'S BODY FINALLY GIVES OUT AND REQUIRES SLEEP
I pushed it as far as I could, but this morning I went into 'corpse mode'.
I slept like a rock until 1:30pm pdst today as I needed some REM sleep.
I haven't had more than two continuous hours of sleep for days, which
can eventually kill you. So my body rebelled and put me down for the rest
it needed.
I slept like a rock until 1:30pm pdst today as I needed some REM sleep.
I haven't had more than two continuous hours of sleep for days, which
can eventually kill you. So my body rebelled and put me down for the rest
it needed.
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