Monday, January 5, 2009

9:35AM PST GOLD SPIKES TO THE 75% RETRACE POINT ON 3 MINUTES OF MODERATE VOLUME THEN FADES


Dollar is at .8377
Euro rises to 1.3543 off its low at 1.3516 but heads back
down to it
Gold pulls back a bit and is consolidating here for a
possible move higher, unless it falls back to the blue
trendline for support before the move higher.
Gold volume is VERY light right now, about 50 contracts
per minute average.
The rallies are on volumes of between 200 to 400 contracts
per minute which then fade to nothing.