Thursday, October 16, 2008

8:01AM PDST GOLD TESTING THE UPPER LINE OF THE DOWN FLAG


Gold has tested the upper line of the down flag
about 6 times and hasn't penetrated it yet, except
slightly in the last 5 minutes. It could just zoom up
if it breaks out, or it could just trade in this area
for some time. Volumes aren't fantastic to the upside
but there are certainly a lot of contracts changing hands
in here as gold tries to build a bottom.