Friday, January 9, 2009

9:34AM PST GOLD SUDDENLY SELLS OFF ON 300 CONTRACTS, BUT THEN RESUMES ITS UP MOVE


Gold's up move is getting a little hard to continue
here near the top line of the downtrend channel.
It's forming a down flag with two legs in it and
will probably continue to sell off here at the end
of the week.
Dollar has moved up to .8316 and the Euro and Dow
are not moving in a manner that supports gold
moving up further, or at all.
Oil falling should be acting as a drag on gold, but
has not had that effect so far today.