THE BIG PICTURE SO FAR

THIS WEEK'S GOLD TRADING - GOLD DROPS $80 FROM THE $1007.70 TOP

2:15PM PST AFTERNOON CLOSE FOR THE WEEKEND

2:00PM PST JUST BEFORE THE AFTERNOON CLOSE GOLD PULLS BACK

This is just those traders who don't want to be

exposed over the weekend selling their positions

1:24PM PST GOLD KEEPS INCHING HIGHER, NEXT 75% RETRACE POINT AT 94690

12:38PM PST GOLD STILL HEADING HIGHER

11:20AM PST STILL PLENTY OF TIME FOR GOLD TO MOVE HIGHER TODAY

10:57AM PST GOLD PULLS BACK FROM ITS RALLY, WILL CONTINUE HIGHER

10:01AM PST GOLD PULLS BACK ABOUT $5, THEN HEADS RIGHT BACK UP

9:45AM PST GOLD RETRACES TO THE 75% POINT AT 94330 AND PULLS BACK

Retracement points shown above

9:33AM PST GOLD RALLYING NICELY, MAY PULL BACK AT THE 75% POINT AT 94330, THEN CONTINUE HIGHER

9:29AM PST GOLD GETS WHACKED ALL THE WAY DOWN TO THE BOTTOM LINE OF THE DOWN TREND CHANNEL

So far gold is rallying very steadily on moderate

volume. Close to the end of, or on the final

minutes of, the NY day session, gold may sell off

only to continue rallying in the afternoon.

9:16AM PST GOLD RALLYING STEADILY ON GOOD VOLUME

MOVING AVERAGES ON A DAILY CHART FEB 27, 2009

Gold falls below the 20 day MA

8:55AM PST GOLD FALLS TO THE BLUE UPTREND CHANNEL BOTTOM LINE

Gold falls to the bottom white line of the

down flag at 927 and rallies

8:46AM PST GOLD DOES DROP DOWN BELOW THE 75% RETRACE POINT, NOW RALLYING

8:30AM PST GOLD DOES FALL TO THE 75% RETRACE POINT AND ATTEMPTS TO RALLY

There is one more 75% retrace point lower at
94410 for the whole morning's up move

8:18AM PST GOLD IS BUILDING A LEDGE TO FALL OFF, BUT IS HOLDING WELL AT THE 950 LEVEL FOR NOW

Dollar fell to .8798. currently .8805

8:05AM PST GOLD CONSTRUCTS A TRIPLE BOTTOM BUT HAVING A HARD TIME RALLYING FROM IT

7:45AM PST GOLD MAY BE FORMING A DOUBLE BOTTOM SHORT TERM HERE

7:13AM PST GOLD MAY FALL FROM HERE TO THE 75% RETRACE POINT OF THIS WHOLE UP MOVE

This rally off the low is stalling here and may

pull back to near this low or down further

to 94740 (75%)

6:57AM PST GOLD FALLING OUT THE BOTTOM OF THE DOWN FLAG, GOING LOWER

6:54AM PST GOLD LOOKING FOR SUPPORT ON THE TOP WHITE LINE OF THE UPTREND CHANNEL IT JUST EXCEEDED

But turns out to be a ledge that gold is now

falling off of and going lower

6:39AM PST GOLD ALMOST HITS 75% RETRACE, DROPS, RALLIES RIGHT BACK A TICK HIGHER, THEN FADES ALL ON MODERATE VOLUME

6:32AM PST GOLD CLIMBS BACK UP STEADILY TO THE PREVIOUS TOP AT 9616

Gold's up volume is moderately strong and steady
on this last up leg

6:02AM PST

Looks 'toppy' to me

5:38AM PST GOLD RETESTS 964 ON STRONG MIXED VOLUME

GDP REVISED LOWER (no kidding!)

Dollar slips back to .8854, currently .8858

Gold slowly pulling back.

I think it has exhausted this run up for now.

It may consolidate up here, or just pull back

for another slow move back up today

5:33AM PST GOLD HAS A BLOW OFF SPIKE UP TO 954, COULD FALL NOW, THEN ANOTHER MOVE HIGHER

Dollar hits .8868, currently .8861

Dow off 157

5:26AM PST GOLD HITS 961 ON STRONG VOLUME 'RHINO HORN' ALERT

Gold now pulling back some.

Dollar hits .8864, currently .8858

Bonds spike then fall back

Dow off 135

Oil falling

Yen rising

Euro drooping lower

This gold pull back could turn around and go

higher at any minute...AND DOES...964!

RETRACE AT 96780

5:19AM PST GOLD HITS 956 JUST BEFORE NY OPEN

5:04AM PST GOLD INCHES A BIT HIGHER ON LO TO MODERATE VOLUME

Dollar is forming a down flag and could move up

Current high is .8859, now at .8837

Dow is off about 80 points from yesterday.

If you read Dan Norcini's comments yesterday,

he is as perplexed as I am about how these markets

are trading. You just have to have a lot of experience

in watching gold trade tick by tick over the years.

It's like learning about women.

4:54AM PST ONE MINUTE CHART, DOWN FLAG RESOLVES UP

Hard to call what will happen on the open with

a down flag and a slow building 'rhino horn' which

should pull back. Gold is now going higher

4:50AM PST RHINO HORN ALERT!

Gold should pull back on the open or just before.

4:46AM PST GOLD HITS 954 THIS MORNING

Gold has just exceeded one 75% retrace point

and is headed for the next one at 96780 with

pull backs along the way

7:03PM PST THE NEXT THREE 75% RETRACE POINTS (approximate)

6:39PM PST GOLD MAY BE READY TO RALLY HERE

Gold dropped suddenly to 9378 and snapped

back. It could rally here. But I am more inclined

to wait until the overnight hours to see what

happens.

I don't want to trade when I need sleep..just

in case the trade goes against me.

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These units are FAST! Three antennaes on all items.
They divide input into separate traffic so one type doesn't
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I would NOT get any other after having an old Netgear 108 mgps
router from 5 years ago, which was consider fast back then.

6:24PM PST GOLD FELL BELOW THE FIRST 75% RETRACE POINT, NEXT ONE AT 93630

This pattern of sell offs in the afternoon and

through the overnight hours has become a pattern.

So it's time for the BOYZ to shake things up soon.

BE CAREFUL! None of these supposed patterns

lasts any longer than the 'manipulators' want them

to last.

MOVING AVERAGES ON A DAILY CHART FEB 26, 2009

4:40PM PST GOLD MOVING LOWER IN AFTERNOON TRADING

2:15PM PST AFTERNOON CLOSE

12:16AM PST GOLD CLIMBING STEADILY, NEXT RETRACE POINT AT 95120

10:54AM PST