THE MAJOR DOWNTREND CHANNEL (black)

INTERMEDIATE UPTREND CHANNEL (brite green), INTERMEDIATE DOWNTREND CHANNEL (purple)

THIS WEEK IN GOLD TRADING

THE MOST RECENT UPTREND CHANNEL

2:15PM PST AFTERNOON CLOSE

8:56AM PST GOLD BREAKS OUT OF THE DOWN FLAG, AFTER EURO RALLIES

8:45AM PST GOLD MAY BE GETTING READY TO BREAK OUT

8:09AM PST

7:07AM PST NEW DOWN FLAG FORMED

Gold starting to fall fast.

Dow rallied on opening, but now falling.

Yen sold off, Euro rose.

Oil in the 57s

Bonds rose to the 118s, but have backed off a bit.

Dollar fairly steady for now at .8737 up a bit

from the recent low at .8655

7:05AM PST

6:31AM PST NEW LINES DRAWN

6:04AM PST

Gold could find support on the top line of the

white down flag which corresponds with the

75% retrace point at 73570

5:59AM PST

Dollar starting to slip a bit.

Euro rallies after a healthy sell off on the gold open.

Gold now starting to fall faster. Will probably take

all of the up move back.

5:46AM PST GOLD SPIKES UP ON OPEN AND REACHES THE FIRST 75% RETRACE POINT

Thinigs moving very fast. Hard to post.

My computers and internet connection are

slowed dramatically. Very frustrating.

8:31PM PST GOLD FALLS BELOW THE BLUE UP FLAG AS EXPECTED

8:15PM PST BLUE UP FLAG IS EITHER A PATHETIC BREAKOUT OF THE WHITE DOWN FLAG, OR WILL RESOLVE LOWER

7:34PM PST GOLD FORMS A DOWN FLAG

1:39PM PDST GOLD RETRACES MORE THAN 50% OF THE MOVE DOWN FROM 76890 TO 69820

1:36PM PST GOLD KEEPS MOVING UP

12:40PM PST GOLD FORMS A DOWN FLAG

11:56AM PST THE PULL BACK STARTS

11:51AM PST GOLD RALLIES $36 FROM THE LOW

Now the big sell off for the profit takers.

Dollar is falling big time to .87215

Euro rises to 1.2709

Dow rises to 8533, but is now falling back

11:34AM PST GOLD RALLIES MORE THAN 75% OF THE WHOLE DOWN MOVE FROM 72590 TODAY

Moderate volume on this rally compared to

the sell off volume.

dollar falls to .8750,

Euro is rising.

Gold keeps inching up but may soon get hit and

knocked back down to the morning's lows

10:46AM PST GOLD RALLIES AFTER THE CLOSE 61.8% TO 716

10:35AM PST GOLD DROPS TO 69820 THEN RALLIES INTO THE CLOSE, COULD GO LOWER

Dollar up, Euro falls to near old low at 1.2326

hitting 1.2376

Bonds have a sudden dramatic sell off, but then

rally.

Dow keeps falling

Oil in the 55s

4:55PM PST

4:27PM PST

Gold retraced 75% to 70970 then took off and
moved back up to the previous high at 714
Euro has moved up to 1.2472
Gold has a better chance of moving up in
over night markets but is sure to be knocked
down again as it enters the NY market.
This will not change until some event causes
gold to skyrocket to its natural place in the Universe
where the retail market already declares is belongs.
Comex traders should take delivery of their Dec contracts
and "assist" Comex in returning to a state of REALITY.

2:15PM PDST AFTERNOON CLOSE

1:08PM PST GOLD JUST KEEPS MOVING LOWER, NOW ONLY $3 ABOVE THE 75% RETRACE POINT AT 70530

Dow tanks another 400 points, dollar up to .8822

on its high of the day

Euro at 1.2464 after hitting a low of 1.2446

Oil down to $55 (so why is gas still so high?)

Be sure to read Dan Norcini's comments at

JSMINESET.COM along with Jim's.

This economic calamity is becoming extremely

alarming and is about to blow up any day now.

The Comex Dec Gold delivery should be a trigger

to blow gold to the moon if enough traders take

delivery.

12:18PMPST GOLD MOVES LOWER

10:33AM PST MORE SELLING POSSIBLE?

10:31AM PST BIG SELL OFF ON THE CLOSE

10:22AM PST

10:19AM PST GOLD RETRACES UP 75%, FALLS OUT OF THE UPTREND CHANNEL (white) AND LOOKS FOR SUPPORT ON THE BLUE DOWN FLAG

9:34AM PST THE OPTIMISTIC VIEW SAYS GOLD WILL MOVE BACK UP FROM HERE

However, knowing how gold trades, I believe it

will fall further to the 75% retrace point at 70530

(see previous charts)

9:28AM PST UP OR DOWN?

9:25AM PST

9:22AM PST A CLOSER VIEW

9:15AM PST GOLD TANKS AGAIN ALMOST TO THE 75% RETRACE POINT AT 70530

12:10PM PST

10:46AM PST NEW UP FLAG LINES DRAWN

10:44AM PST GOLD SELLS OFF INTO THE CLOSE THEN GOES SIDEWAYS

10:05AM PST

9:54AM PST DOLLAR UP EURO DOWN GOLD MAY SELL OFF AFTER THE CLOSE

9:25AM PST

8:54AM PST GOLD CLOSE UP

8:50AM PST GOLD BUILDS AN UP FLAG..NEW GREEN UPTREND LINE DRAWN

Dollar is slipping, Euro is moving back up

Dow still off about 300

Oil dips below 59 to 58.30 but moves back up

Gold could break lower from the up flag, although

it is moving back up at present.

7:53AM PST GOLD MOVES LOWER

Gold has fallen below the green uptrend channel

Dollar is up to a high of .87675 (data not reliable)

Euro has tanked big time down to 1.2494

Bonds scooted up to the 118s which lowers long term

interest rates, the very opposite of what needs to

be done to stop the inflation, but people are still willing

to flee to the illusory "safety" of Bonds yielding

almost nothing, and after factoring in inflation,

less than nothing. Dow is down 250-300

7:35AM PST GOLD FALLS TO FILL THE OPENING GAP FROM SUNDAY

As I warned you on Sunday, gaps are always

filled. The gap on the open Sunday is now filled

and gold has even fallen below the green

intermediate uptrend line and more than 75%

of the up move between 72550 low and 76890 high.

Most markets are open today, Veterans'Day, and

volumes are fairly normal. First hour volume in gold

was 12k down then another 12k mixed up and down

volume, so gold is trying to build a bottom near 730

6:37PM PST