Tuesday, February 17, 2009

5:39AM PST GOLD SPIKES, PULLS BACK...DO NOT CHASE RISING PRICES!


This is a VERY dangerous market for novice traders.
You could be wiped out PLUS more than your account.
These moves up and down are LARGE and very quick. A market order could kill you in a milli-second or mis-timing the push of a 'send' button.
ONLY buy gold on very big dips, and even then, don't OVER buy on margin.
This market is moving too fast for me to post charts quick enough and trade too, so they will be infrequent today, but I may try to dash off some comments here without a chart. Dollar is up to .8801 high, now at .87815 (delayed price),
Euro has plunged on a 60 minute chart (Europe may be selling the Euro like we're selling the $$$
Dow is dropping, Oil is down to the $35s. Yen down. Simply crazy and no help in predicting gold