Gold has stuck its nose above the top white line
of the intermediate down trend channel and has
formed the new blue UP trend channel/flag which
has the potential to resolve DOWN.
Gold appears to be finding some support ON the
white upper trendline (as it should if was breaking out!)
but the way it's trading wouldn't make me bet the farm
on a good rally here. It could just go sideways...OR...
if gold doesn't do something right away, traders will
sell it lower.
I need a nice rally to get out of my position, but
I can't see any reason for it to happen.
Dollar is strong, Euro is weak, Yen is just now
beginning to move up from its recent sell off,
Dow is sinking, Oil off its $50 high now in the 48s
Bonds have fallen from their outrageous rise.
No news of any consequence today, except that
the World is falling apart in slow motion...
other than that...not much.
