Wednesday, April 1, 2009
8:58AM PDST GOLD CONSOLIDATING HERE TO SPIKE UP SHORTLY
Gold gets banged down 1000 contracts in two
minutes to the lower blue line of the uptrend
channel and finds support. Should continue to
move back up unless the shorts get organized
and pile on to 'paint the chart' more negative
and get less experienced traders to panic sell.
Some traders misinterpret the congestion for
too much resistance and sell a block of contracts.
Very light volume on successive trades. Gold
will move back up and spike higher or continue
to stair step higher before the close