Friday, January 9, 2009

THE BIG PICTURE SO FAR


THE LARGER PICTURE


GOLD TRADING THIS WEEK


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


11:25AM PST


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.

11:49AM PST DOLLAR MOVES UP TO .83105, GOLD RETRACES 75% OF LAST UP MOVE


Euro moving down
Dow off 233 point
Oil sells off to the 42s

11:41AM PST GOLD RETRACES 75


10:49AM PST GOLD KEEPS MOVING DOWN




Dollar moves up further to .8292

Dow off 183 points

10:36AM PST GOLD SELLS OFF INTO THE CLOSE


Dollar is moving up off its low (.8247) to .8286
Euro is moving down.
Yet, gold is moving up after the close.

8:59AM PST GOLD RALLIES 75% OF 2ND DOWN LEG AFTER SELL OFF

Tuesday, January 6, 2009

6:36PM PST TODAY'S GOLD TRADING


11:48AM PST GOLD MOVES UP A LITTLE MORE BEFORE PULLING BACK


10:31AM PST GOLD MOVES HIGHER INTO THE CLOSE


Even though the Euro is pulling back, and the
Dollar has bounced off its lows, gold kept rising
into the day session close, but may sell off
in afternoon trading.
And...as usual, when you bail out of a trade that
has gone against you as soon as it gets back to
break even, that's when it goes higher making the
profit that you original went after.
After I closed out for a piddling profit (but at
least a profit!), gold tacked on another TEN DOLLARS
which would have netted me FIVE TIMES what
I settled for! You gotta love it!
You just have to be happy with what you make,
and move on to the next trade.
By the way, if I had hung on to my trade hoping
it would move higher...gold would have tanked
and put me back into to stress mode. So, for now
I can nap in peace.

10:16AM PST GOLD MOVES UP A PINCH MORE


Gold and Euro pull back.
Dollar moves up off its low.
Dow sinking again
Bonds moving up
Oil in the 48s