Tuesday, April 21, 2009

GOLD CONTINUES TO CONSOLIDATE WITHIN THE BLUE DOWN FLAG




Dow is falling, off 80 points

Bonds are rising

Euro attempts to rise but fails

Yen rising

Oil attempts a rise but falls

Dollar stair stepping down from its highs yesterday

currently at .8690

Gold volume is light for now with occasional spurts

of moderate strength.

It could spike up if a hedge fund suddenly moves in,

or it could start selling off if traders get tired of waiting

for better up movement.

Gold doesn't really have any more upward targets that

haven't already been met. It would have to reach for some

very high targets. Using 91880 as the next high, we get

90010 as the next higher 75% retrace point (see top chart)