GOLDTRADER'S GROUP: 4/12/09

Friday, April 17, 2009

2:15PM PST AFTERNOON CLOSE FOR THE WEEKEND

At least gold moved up at the close. Other than that,

the gold market is simply pathetic given the

reality of what is occurring.

There's something terribly wrong with gambling

with your life's assets (and therefore, your life)

until the bitter end.

Forewarned is forearmed.

Some eternal statements are 'eternal' for a reason.

1:00PM PDST GT IS GONE FOR THE AFTERNOON, BACK ABOUT 4 OR 5 PM PDST

I will put up some more charts tonight or this weekend.

GOLD MOVING SIDEWAYS EITHER IN A TRADING RANGE (white lines) OR A PENNANT/TRIANGLE (blue lines)

Both patterns could resolve down.

GOLD SIDEWAYS IN AFTERNOON TRADING SAME AS LAST FEW DAYS

GOLD LIMPS IN TO THE CRIMEX CLOSE LIKE A LAME HORSE

A decent opening rally, gold then trades lower
all session, and almost dries up into the close.
So much for gold this week.

GOLD WEAK NEAR THE CRIMEX CLOSE

Close up view

GOLD FALLS A TICK LOWER THAN THE PREVIOUS LOW

GOLD LOOKING LIKE IT MIGHT COLLAPSE FURTHER, SO THAT MEANS IT WILL PROBABLY GO UP (joking!)

Gold volume is very light at the bottom. If
it holds here, volume could increase and gold
could rise, but I don't see any reason for a rise
here other than excellent bargain prices.
The High Dollar is having an effect.

GOLD SIMPLY REFUSES TO MAKE A BOLD UP MOVE...SIMPLY MADDENING!

EVERY RALLY ATTEMPT IS SHORT LIVED AND QUICKLY STALLS OUT

Gold needs to create at least a two stair step
move up to confirm a bottom even if it's a
temporary bottom. Gambling on these succesive
lows being the bottom is insane.

A SHALLOW PULLBACK, NOW HIGHER?

AUGUST GOLD MAKES A LOWER LOW, JUNE GOLD DOESN'T , 865 IS HOLDING SO FAR

Gold could move up from here. Very unpredictable
market

WILL THE OLD LOW AT 865 HOLD? GOLD LOVES TO RETEST THE LOW, GO A BIT LOWER, THEN MOVE UP

GOLD MOVING LOWER TO RE-TEST THE LOW, OR MOVE LOWER?

LINES REDRAWN

WHEN GOLD DOESN'T MOVE UP WITH VIGOR..IT MOVES DOWN

This is just more shoulder building for the
eventual spike up.
None of my indicator markets are showing any
major direction...simply wandering

WHICH WAY WILL IT GO?

GOLD VOLUME IS AVERAGING ABOUT 100 CONTRACTS PER MINUTE ALL MORNING, VERY LIGHT VOLUME

GOLD MAY EXPLODE HERE

My indicator markets are not showing signs of
any kind of definite support for gold and the dollar
has risen very high (based on what?)
But gold is so low now, that long term buyers
should be ready to pounce on it any time now.
Gold just ran up to 8744 and stopped dead on light
volume. Now pulling back to consolidate and gain
enough energy to spike up. That could take gold
sideways while it does that and will build the final
right shoulder of the H&S pattern that resolves up

NEW LINES DRAWN

GOLD SETTING UP AN INVERSE HEAD&SHOULDERS PATTERN THAT RESOLVES UP

Gold runs up on the open to the 2nd 75% retrace
point and pulls back

BE VERY CAREFUL HERE, DON'T GET WIPED OUT JUST BEFORE THE BIG RUN UP

A SUDDEN RISE ON 400 CONTRACTS IN 2 MINUTES TO THE FIRST OF MANY 75% RETRACEMENT POINTS AHEAD

Don't get sucked in to a pre-open rally that will
almost instantly get sold. Although we could have
a major run up from this level. Pure gambling,
of the best kind.

THIS NEW WHITE UP FLAG IS EITHER THE START OF THE NEW UPTREND CHANNEL, OR WILL RESOLVE DOWN

The first level of support would be the old low

at 865. After that, it is unknown, as gold would be in a panic selloff.

GOLD PULLS BACK A BIT, VERY LIGHT VOLUME SINCE THE TOP OF THE SELL OFF

Gold down volume hasn't been excessive since the sell off began around 1:20am pdst when it had a big blast of sell volume in the 400 contract per minute range very briefly. This has been a very gradual sell off as weak longs finally panic and sell as gold slips lower.

It should be near the range where the shorts will

want to cover and take their profits. Whether they will shove the longs faces in the mud at the last minute, just to prove who is the big dog, is the question.

THE LARGER VIEW OF WHERE WE'RE AT

Gold could drop down to 865 before the Crimex open, or could take off higher. This is a very quirky time of day for gold, the closer we get to the Crimex Manipulation pit open period, especially from 5am pdst forward to the open at 5:20am pdst

GOLD FALLS OVERNIGHT TO $2 SHORT OF THE PREVIVOUS INTERMEDIATE LOW OF 865

Be sure to read both Dan Norcini's and Sinclair's comments from yesterday, especially Armstrong's comments on the market. Gold should turn on April 19th or June...vague but..

BE PREPARED for the turn very soon.

GOLDTRADER'S GROUP