This late in the day gold is trading very quietly
and single digit volume and most likely will not
make any large moves except for a few gyrations
in the last few minutes of trading. It could just
slowly approach the 75% point at 8854 which now
coincides with the white uptrend line at the close.
Dow rallied about 50 points into its close for the day
and week.
Dollar has formed a down flag the last few hours by
slipping a little lower each hour.
Bonds rose in an up flag after taking out an intermediate
low today and should resolve that flag down.
Euro has traded sideways in a range most of the day
after a pull back from its recent up move in two big
stair steps off its intermediate low at the end of an
intermediate down flag which is in the process of
resolving up right now.
Yen has just been falling for a long time with rallies
that keep making lower highs and lower lows (the
definition of a BEAR market)
Oil has fallen for the last year and is in a very long
rounding up pattern that is taking forever to get
some altitude and is simply stuck in the low 50s for now
Soon enough, some exogenous (outside) event will trigger
and explosion in PMs and probably all commodities as the
economic structure finally collapses from that final straw
of imbecility that you witness every day in the media.
Drip, drip, drip....and finally the mountain cracks open.
