Tuesday, February 17, 2009

7:09AM PST GOLD DROPS WELL AFTER MAKING NEW HIGHS


I've been busy working on a computer glitch with
tech support at my brokerage. I'm glad I didn't chase this market. It is very nasty with many
sudden retracements. This is a good one, but may
go lower. Gold could look for support on the top white line of the previous down flag.
I can't see gold dropping tremendously, as the shorts have to be going crazy trying to cover.
Gold has just moved back up to 970 and pulled back since this chart snapshot.