Friday, March 6, 2009
11:04AM PST GOLD FALLING STEADILY ON LIGHT VOLUME
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.
10:51AM PST GOLD TESTS THE DAY'S HIGH AT 94550 ON TWO JOLTS OF MODERATE VOLUME, MAY GO HIGHER SOON
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.
10:34AM PST GOLD DAY SESSION CLOSES QUIETLY, THEN INCHES HIGHER IN AFTERNOON TRADING
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.
9:42AM PST GOLD TRADING SEEMS TO HAVE GONE QUIET
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
9:07AM PST INVERSE H&S PATTERN, RESOLVES UP
A clearer view...lines redrawn
Pointed out by unwashedmasses on the MW
gold thread just now
8:42AM PST NOT A BIG BOUNCE FROM 93840, FURTHER DOWN IS LIKELY
Euro moving up some
Dollar slips to .8853
Dow and Oil turn down a bit
Bonds lower
8:34AM PST GOLD WILL PROBABLY PULL BACK SLOWLY TO 934 OR 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
8:20AM PST GOLD BEGINS TO PULL BACK
Bonds turn down
Dow and Oil begin to turn up
Euro heading down
Dollar hits .8870, currently at .8863
8:11AM PST VERY CAUTIOUS TRADING ON LIGHT VOLUME AT THE TOP HERE
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.
7:53AM PST GOLD MAY TOP THE HIGH A BIT AND PULL BACK TO CONSOLIDATE THEN GO HIGHER
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
very gradual.
Bonds, Oil, Dow, Euro all moving down which should
drag gold down too. Dollar hits .8855
7:36AM PST GOLD RISES TO THE 75% POINT ON GOOD VOLUME, NOW A PULL BACK?
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.
7:16AM PST GOLD MOVING BACK UP ON VERY LIGHT VOLUME
Another pull back is due in here, either now
or after gold hits athe 75% point at 94170
Volume may be picking up here
6:57 GOLD INCHING UP ON LIGHT VOLUME, PULL BACK COMING SOON
The pull back area, then higher in steps.
Market very cautious on the up moves
6:47AM PST GOLD MOVING BACK UP VERY CAUTIOUSLY
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
Bonds down
Dollar falls to .8791, up slightly now to .8809
6:36AM PST GOLD HITS THE FIRST 75% RETRACE POINT, NOW A PULLBACK, THEN UP HIGHER
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!
6:31AM AND GOLD DOES DROP, BIG TIME
Gold is building a base her and hopefully won't
build another ledge.
6:31AM AND GOLD DOES DROP, BIG TIME
Gold is building a base her and hopefully won't
build another ledge.
6:21AM PST GOLD STARTING TO FORM A LEDGE TO FALL FROM
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.
6:14AM PST GOLD RETRACES TO RETEST THE LOWS
Standard procedure for gold. Now it should
go back up even higher. The Powers are probably
scared to death that gold took off earlier and are
throwing everything they have at it to keep it down.
6:03AM PST GOLD NOW RETRACES BIG TIME
I bought in a little high on the first of the 75%
retrace points and gold went down to the second
one at 93670 exactly. But it's coming back up no
and may go all the way back up.
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