Friday, March 6, 2009
I am not eager to buy in this late on any of these
retracements unless gold was to suddenly sink
below 930 rapidly in a massive sell off. I buy those
quick sell offs and profit on the bounce which I sell
my longs on immediately then rebuy the retest of
the low for the long run back up.
Gold may find support on the blue top line of
the blue down flag just penetrated or the thin
blue line of the uptrend line below it.
Gold moving higher in 10 cent increments on
very light volume
A quick jolt of 444 contracts on the last minute
of the day session went nowhere.
No gold is inching higher on very light volume,
with some quick sell offs. Basically going nowhere
right now. It could easily inch higher until the
afternoon close for the week end, or even zoom
to a new high depending on other markets and
how they trade from here. The Dow and Dollar
are the ones to watch, although the Dow seems
to be having the largest effect lately. Right now
Dow is off 120 near the lows of the day. Dollar is
going sideways around .8851. The other markets
are not showing in major directional moves at this
time. The Dow may sell off further near its close.
Any rallies should be temporary opportunities to
short the Dow.
Almost no volume to these current moves,but
gold is inching higher. Getting closer to the day
session close, we ought to see more action, but
it may be to the down side if we don't see some
stronger upside action right now
All the indicator markets are turning lower
Dollar trending lower, currently at .88465
after hitting .8830. stair stepping lower
Gold falling gradually on light to moderate volume
A rebound at 93690 (first 75%) is possible, then
a further fall to the next 75% at 934 or even
a total take back to 93060.
The Powers want to leave the gold chart NEGATIVE
for the weekend, so a weak close is imperative
Gold could break out here, but all the other markets
are down with the dollar up to .8864.
More likely is a new high quickly and a big pull back.
OR....it may top the high and pull back a good bit
I will only know what's happening as it happens...
Sorry 'bout dat!
Volumes are fairly moderate to strong, but not
strong enough to make me think a big break out
is about to happen. This move back up has been
Bonds, Oil, Dow, Euro all moving down which should
drag gold down too. Dollar hits .8855
Gold keeps moving up on fairly strong volume.
But it is starting to stall here and at least a short
pull back is coming. Maybe then gold will go to
a new high today
Gold moves higher than 75%, but a pull back
is due even if gold hits this morning's high.
Another pull back is due in here, either now
or after gold hits athe 75% point at 94170
Volume may be picking up here
Volume is not very strong and the moves are
very slow here. Lots of those traders who bought
the morning rally and didn't get out in profit are
down here thinking about taking a loss and/or
praying gold will go back up.
Dow and Oil up strongly on the open, Yen down
Euro trending up
Dollar falls to .8791, up slightly now to .8809
Gold is getting pounded lower
The pull back area above. It's already at 75%
I sold this position for a quick healthy profit
and will rebuy on this pull back. SWEEEET!
Gold volume is very light here and it's not making
the kind of headway I like so I sold out to break even.
I suspect gold will drop further as there isn't strong
enough upside action here.