Friday, March 27, 2009
Gold could retrace to the 75% fib point at 90630
and still be within the down flag. It would even
be good for it to get that low in the down flag
as it would be in the over-sold area which would
entice buyers to enter the market and boost the
gold price naturally based on good prices that the
buyers would be inclined to hold on to for the long
run rather than poor prices that they could be scared
out of when the shorts attempt to drive the market down.
I'll post more charts this evening and some websites you should all be following
on a regular basis.
on a regular basis.
If the blue down flag doesn't hold, gold could
drop down to the 75% retrace point at 90620
Volume is light.
Gold is falling out of the steep new uptrend channel
which technically resolves down, unless it is the first
up leg off of a real intermediate bottom at 921.
Dollar has made a new high at .8579
Dow, Oil, Yen, Euro moving down
Gold's next resistance area is around 928-930
along the thick blue uptrend line and the congestion
of trading between 932 and 928
I am not seeing any big bids coming into June Gold
although the climb back has been gradual and
consistent. Interest in gold here should be growing
by leaps and bounds if it goes lower to the next
two retrace points for this last up move.
Gold will probably retest the low here and even
drop lower as I think it NEEDS to hit the 75%
retrace point to clear out the weak longs and rally
The strong dollar is also an impediment, the Euro
falling isn't helping, and a falling Dow is weighing down
Gold has just broken above the thin blue line and big bids
are moving in.
Gold rises to the thin blue downtrend line and
pulls back a bit. Up volume is not exceptional.
REMEMBER...THIS IS FIRST NOTICE DAY
FOR APRIL GOLD, so there are lots of last
minute roll overs going on as liquidity moves into
Dollar up to .8558
Euro sideways after its big drop
Other markets erratic
Gold drops further. Volume on the bounce is
a little better. But gold may find resistance at
the old blue trendlines on the way back up
Volume on the bounce is not good. Gold is going
lower unless someone big jumps in right now,
and Mr. Big is waiting for the drop too, to buy in.
Thursday, March 26, 2009
Dollar moves up to .8460 on Geithner's new plan
Dow, Oil, Euro moving down
Bonds pulled back but are moving up again
Yen rising a bit
Gold making a ledge. Will probably fall some more