GOLDTRADER'S GROUP: 1/4/09

Friday, January 9, 2009

2:15PM PST AFTERNOON CLOSE FOR THE WEEKEND

1:21PM PST GOLD BREAKS OUT OF THE DOWNTREND...slightly

Dollar is at .8336

Dow closes with over a 150 point loss

Oil in the 40s

Euro still near the lows of the day

12:51PM PST GOLD HEADS LOWER SLOWLY

12:16PM PST GOLD CONTINUES LOWER, BUT SLOWLY

10:41AM PST DOLLAR MOVES UP TO .83445

10:29AM PST GOLD SELLS OFF INTO THE CLOSE

Dollar rises to .8340

10:15AM PST GOLD RETRACES 50% OF THE MORNING'S UP MOVE

9:56AM PST GOLD PULLS BACK A BUNCH AND MAY GO LOWER

9:34AM PST GOLD SUDDENLY SELLS OFF ON 300 CONTRACTS, BUT THEN RESUMES ITS UP MOVE

Gold's up move is getting a little hard to continue
here near the top line of the downtrend channel.
It's forming a down flag with two legs in it and
will probably continue to sell off here at the end
of the week.
Dollar has moved up to .8316 and the Euro and Dow
are not moving in a manner that supports gold
moving up further, or at all.
Oil falling should be acting as a drag on gold, but
has not had that effect so far today.

9:16AM PST GOLD REACHES THE TOP WHITE LINE OF THE INTERMEDIATE DOWNTREND CHANNEL

Gold is moving up despite the dollar holding its

own near its highs for the day, the Euro not

climbing, Dow not climbing much, and Oil

falling to the 39s.

Has to be safe haven buying and/or funds buying in.

9:45AM PST GOLD MOVES EVEN HIGHER

9:05AM PST GOLD MOVES BACK UP

8:35AM PST GOLD PULLING BACK TO THE BLUE LINE FOR SUPPORT

Dollar pulled back to .8295, now at .8300

8:30AM PST GOLD BLOWS THROUGH SEVERAL TOPS, THEN PULLS BACK

Next top to conquer is at 86530

Dollar pulls back to .8298

Euro still struggling to go up

Dow now off 90 points

Oil bouncing between 39s and 40s

8:16AM PST GOLD DOES MOVE UP BEYOND THE 75% RETRACE POINT, THEN IMMEDIATELY PULLS BACK

Dollar also moves up to .8317

Euro barely moving , even moving down a little,

yet gold is moving back up after its pull back

Dow going sideways, off about 120 points

8:07AM PST GOLD MOVES UP TO THE 61.8% RETRACE POINT

Dollar is slipping, now at .83055

Euro is rising very slowly

This blue UP flag could resolve down if gold

doesn't move up beyond the 75% point at 857

Dow is rising slowly and should pull gold up with it

7:21AM PST GOLD MOVES UP 61.8%

Euro barely budges

Dow rises then falls back

Oil sinks to the 39s

Dollar slips to .8308

Gold may consolidate in this

down flag then move up further

if the dollar falls more and the

Euro moves up

7:02AM PST GOLD BELOW THE 20 DAY MA

Gold could be forming a ledge to fall off of.

But I've been consistently wrong lately, so

it will probably spike up here after the Dow

stops falling and the Euro turns up.

Dollar is holding near .8320

6:58AM PST GOLD RETRACES 75%

Dollar pushed up to a high at .8304, currently

.83165

Euro down to the low at 1.3457 and attempting to rise

Dow sinking, off 125 points

Oil in the 40s

5:19AM PST

5:15AM PST

Thursday, January 8, 2009

5:34 PM PST GOLD SLOWLY FALLING

2:15PM PST AFTERNOON CLOSE

1:00PM PST DOLLAR FALLS TO .8218

11:04AM PST GOLD GOING SIDEWAYS

9:47AM PST GOLD GOING SIDEWAYS WITH 45 MINUTES TO GO TO THE CLOSE

All markets seem to be going sideways today.

The slight down angle to the flag gold is in

should resolve up. But who knows what gold is

going to do anymore in the short run.

I pity the people who hang on to their long

position after a nice run up like this morning's.

As it will all disappear in a flash soon thereafter.

And I don't even want to think about the people

who buy at the top thinking gold is going to continue

to go straight up just because the World is falling apart

in front of their eyes. Only to get wiped out in a margin

call when gold pulls back, but then turns around and

goes where they thought is was going in the first place.

It's all about timing and experience in watching this

market a tick at a time for many years.

8:41AM PST GOLD PULLS A FAKE OUT UP MOVE AND THEN TANKS

Just got back from a quick trip to the vet to

drop off Tuffy for teeth cleaning. Good thing

I didn't place a buy order and come back to this.

Gold is going nowhere at Comex during the day,

after the opening craziness. I'm even surprised

the shorts let gold get away from them this morning,

although they make money both directions and need

gold up so they can push it down to make money.

Dollar got a push up to .8255, but is now a bit lower

at .8245. It has been pushing up since hitting its low

at .8199.

7:10AM PST GOLD ATTEMPTS TO MOVE UP

Dollar moved up to .8248, but immediately

fell off to .8228.

Euro starting to rise again, but slowly

Dow rising after falling after the open. still off 100 points

6:43AM PST DOLLAR MOVING BACK UP A BIT, EURO FALLING

Gold making feeble attempts to go back up,

but each attempt fades.

Probably going down more before a real rally

occurs.

6:14AM PST DOLLAR FALLS TO .8200, GOLD MOVES HIGHER

Gold now pulling back for another run at the top?

Could rise to 8731 (75%)

5:54AM PST GOLD MOVES UP EXACTLY TO THE 75% POINT AT 85970

Dollar falls to.8215, but bounces to .8227

Euro moves up to 1.3723 which takes out the

previous high at 1.3717

5:45AM PST DOLLAR FALLS TO .8248, GOLD MOVES UP TO THE TOP OF ITS TRADING RANGE AT 85140

5:38AM PST GOLD BEING HELD AT 850 BUT COULD GO UP TO 860 (75%)

MOVING AVERAGES ON A DAILY CHART JAN 8, 2009

Gold is BELOW the 10 and 20 day MAs

In the recent past, that is where the buyers

have moved in.

5:22AM PST GOLD ON THE OPENING

Dollar a bit lower at .8288

5:15AM PST GOLD ON A LARGE BLUE LEDGE/UP FLAG, IS PROBABLY GOING DOWN OR TRADE WITHIN THAT RANGE

Wednesday, January 7, 2009

2:15PM PST AFTERNOON CLOSE

3PM PST BLOGGER IS NOT ALLOWING ME TO POST CHARTS RIGHT NOW

I tried to post some pictures of the ice that crashed down last night in the melt off
on GoldtraderComments, but Blogger wouldn't do it.
Must be some temporary glitch.
Only text is posting.
I'll try to post later.