Monday, February 2, 2009

6:16AM PST GOLD RETRACES 50% OF THE INTERMEDIATE MOVE UP FROM 87570


Gold sells off over night and has two dips to the 50% level.
Dollar rises to a new high of .8697
currently down to .8680
Euro bottoms at 1.2698 but has been rising since.
Dow looking to break below 8000
Gold will probably to act on its own, so I'm not
putting that much credence in the influence of
the usual other markets.
I'm just trading gold off its momentum and my
eyeball experience of watching it trade tick by tick
for the last 6 years. Its whole character has changed.
Add to that the manipulation and you have a crap shoot
that can pay off handsomely IF you are very quick AND
very careful.