Friday, January 30, 2009

4:44AM PST GOLD COULD BREAK OUT OF THE DOWN FLAG BEFORE, OR ON, THE OPEN


NY will either hit gold hard on the open, or the
shorts will scramble to cover their positions, which
they may have already been doing as gold rose
at midnight, thus adding to the buying pressure.
Gold seems to have decoupled from the dollar
as the buck hit a high of .8651, currently at .8642
NOTICE THAT GOLD IS NOW ABOVE THE
TOP BLACK LINE OF THE MAJOR DOWN FLAG
THAT RESOLVES UP! That line will become support
after the next breakout.