Friday, March 13, 2009
Two more hours of trading left in this week.
I don't think gold is going to do anything dramatic
before the close at 2:15pm pdst.
The indicator markets are all over the map today.
Dow is now back up 60 points.
Dollar has been thrashing up and down in a tight
range today, currently at .87875.
Oil just fell to the 46s and is going sideways
Euro trending up in stair steps
Yen and Bonds erraticly up and down most of the day
The bounce. Wait for a retest of the low.
It'll probably go lower before any rally worth
trading. Volume is decent, but gold isn't moving
up fast enough to make it worth jumping in
anywhere but on an extreme low.
The bounce isn't very impressive here even
though gold dropped to the blue lower line
of the uptrend channel
I don't expect gold to rocket above this level
right now. It is in a substantial resistance area
and the boyz don't want it to go back up to $1000
and higher, so they'll probably bang it down from
here for a while.
This is a tricky area to trade, because you don't want
to get stuck in April contracts ahead of First Notice on
the 28th, but the June contract trades very lethargically
and like glue instead of trading fluidly tick by tick due
to a lack of liquidity right now. That gets better nearer
the First Notice of April gold when June moves into
Front Month position.
Bonds have moved back up some.
All the other markets are now moving down
except the Dollar which has turned back up,
currently at .87955
DARK GREEN UPTREND CHANNEL
It may pull back to the top white line for support.
The next two 75% retrace points up in yellow.
Gold is in the lower half of the DARK GREEN
INTERMEDIATE UPTREND CHANNEL (hard to see on this chart)
Gold finding some support right on my old trade
buy in point. That's ALWAYS how it goes!
Euro is moving higher
Dollar had been moving up, but just started
slipping down to .8780
Dow up about 65
Bonds going straight down
Oil rising in stair steps
The horizontal green line is where my trades were.
Notice that they are still in profit. Not worth keeping
them do to the time left in the contract before
The long VERTICAL green line up to 94110
was on 2470 contracts, but not all up. Gold
spiked to the top and pulled back in a milli-second,
impossible to trade without an order already in place
at the top or near it. Market orders can be suicide in
trading like that.
I managed to get out of the trade I was under-
water on for a few days. I may stay OUT of
April Gold to avoid getting trapped at FIRST
NOTICE on April 28th when the contract expires.
Gold is now looking like it may either consolidate here
and go higher or fall back on prifity taking. It has
exceeded the White downtrend line and the 930
area of resistance the Dan Norcini has been indicating
in the last few days. Gold needs to close solidly above
this 940 area and aboven 960 to move back to $1000
Thursday, March 12, 2009
7:30PM PDST GOLD WILL STAY IN THE DOWN FLAG UNTIL SOMETIME TONIGHT AND WILL BREAK EITHER UP OR DOWN IN A MAJOR WAY
I'm going to bed now, as I can't stand this day
any longer due to the unrelenting stupidity
of Americans, their guv'mint and a few people
in particular of a gender I dare not mention for
fear of prosecution by the 'correctness police'.
Good night to you all and forget about ever being
able to have a safe relationship ever again in your
remaining life. The idiots are in charge.
Gold at least closed to the upside.
At 3pm pdst gold re-opens, then CBOT Gold
opens at 4:16pm pdst and gold usually gets
a bit of action then. After that, it can be slow
trading for the rest of the night up to around
11pm pdst to midnight pdst. Several different
markets open around the clock with the opportunity
for gold to make a brief bold move in either direction.
Usually while I am sleeping, or just after I close my
eyes for a quick rest.
Dollar sinking massively.
Dow up 254 before the close in 6 minutes
Oil just below 47
I gold doesn't take off in the next hour, it
surely should when gold re-opens at 3pm pdst
and for sure after 4:15pm pdst
Dollar falls to .8784, but bounces to .8794 currently
Dow was up about 250, but now around 220
Oil rising near 47
gold pauses in a little consolidation but pulls back
on light volume near the top line of the down flag
looking for support for a further move up
Volume may pick up soon and gold could spike
Gold is definitely 'respecting' that down trendline.
This can go on for quite a while if traders are
making money off the back and forth in this
trading range. Why spoil a good thing...right?
This range gives a trader $500 per contract moves
both up and down at a minimum, until it doesn't
and spikes, or drops, against you and takes a good
Dollar has dropped further to .88095
Dow is up over 22o points.
Oil moving higher to the 47s
Bonds moving down
Euro moving up