Friday, May 15, 2009

A LARGER VIEW OF THE INTERMEDIATE HIGHS


THIS WEEK IN GOLD TRADING


THE BIG PICTURE


MOVING AVERAGES FOR 5/15/09


2:15PM PST AFTERNOON CLOSE FOR THE WEEKEND


GOLD DROPPING AHEAD OF THE 2:15PM PDST CLOSE FOR THE WEEK


THE LARGER VIEW


1:15PM PDST


1:12PM PDST


GOLD PROBABLY GOING SIDEWAYS THE REST OF THE AFTERNOON


DOLLAR FORMS A REVERSE H&S PATTERN AND MOVES UP TO .8318


Bottom line of the red down flag keeps getting lower
as lower lows are made. When it reaches 75% point, the
down flag is history (my rules for now)

GOLD MOVES LOWER, DROPS BELOW THE DOWN FLAG


Dollar shoved up to .8310,
Everything else is down

GOLD DROPS AFTER THE CRIMEX CLOSE


GOLD DROPPING APPROACHING THE CRIMEX CLOSE


Dollar at .8282 down from its recent high of .82865
Bonds, Dow, Oil, Euro all down

GOLD STILL 'STAIR STEPPING' LOWER WITHIN THE RED DOWN FLAG, COULD BREAK HIGHER AFTER THE CRIMEX CLOSE


GOLD FALLS TO THE LOWER PART OF THE RED DOWN FLAG ON LIGHT VOLUME A HALF HOUR BEFORE THE CRIMEX CLOSE




GOLD MOVES HIGHER IN THE RED DOWN FLAG


Gold either breaks out of this down flag and moves higher,
or it will sell off as we approach the final minutes of the
Crimex session. The short afternoon session could be a
different situation.

GOLD MAKING LOWER HIGHS AND LOWER LOWS WITHIN THE LARGER DOWN FLAG...THE DEFINITION OF 'BEAR'


Bonds suddenly drop
Euro, Oil, Dow, all moving down strongly
Dollar moved up to .8281, but has dropped from there.
Currently at .82715
And gold still creeps back up after a shallow dip retracement
of the rise off of 93020 and is moving higher slowly.
A real gambler's market. So far, a 50% retracement of the
whole move down from the day's high at 93480.
The bids near 930 aren't showing, but could reappear if gold
moves lower.

DOLLAR JUMPS TO .82795, THANKS PPT


GOLD 'TOYING' WITH THE 75% RETRACE POINT AT 9300


Gold trying to find support at the retracement point, but
everything else says gold is going down.
Dollar up to .8266
Bonds up
Dow going negative
Oil plunging
Euro also down sort of hard
Markets turning around fast approaching the end of the week
Still, gold fools us once again (or tries to fake us out?) and rises
off the 75% point (930) of course, on light volume.

110 BUYERS SITTING AT 93040


Dow sinking fast to about even on the day
Euro down Yen up
Oil down
Dollar gets a goose up to .8266
Gold 'should' fall from here, but who knows anymore?

GOLD HAS TO HOLD HERE, OR IT'S GOING DOWN


RED DOWN FLAG SHOULD RESOLVE UP, BUT VOLUME IS LIGHT WITH SELL 145 ORDERS AT 935


Dollar up
Euro turning down
Dow peaking
Oil coming down

AFTER ANOTHER POKE AT THE HIGH AT 93480, GOLD WILL PROBABLY TAKE IT ALL BACK


NOW A BIG PULL BACK? OR DOES GOLD CONSOLIDATE AND MOVE HIGHER, EVEN ON LIGHT VOLUME?


THE LARGER VIEW


GOLD SPIKES HIGHER ON BRIEFLY STRONG VOLUME


Gold will either consolidate here to move higher, or pull back
on profit taking and suppression by 'the powers'
Euro moves higher
Oil moving up
Dow up 80 and climbing
Bonds fall off their ledge and fall much lower
Dollar slips further to .8243
Now gold is starting to fall after making a slightly higher high,
which is where the last suckers always move in AFTER the move
has been made.
ONLY BUY IN ON DIPS if you want to make money

GOLD RUNS UP TO ONE TICK SHY OF THE PREVIOUS INTERMEDIATE HIGH AT 93140 AND BACKS OFF


The close up view



Gold is backing off from every possible point of resistance.

Previous highs, retracement points, congestion areas.

Anything that might be a stopping point.

Traders cause that as the take their profits at all points

where gold might stall. Then they wait and rebuy after

it pulls back. The smart ones DON'T short the market, but

only buy on dips and make some very good money and PREVENT

getting wiped out IF and WHEN gold explodes, which it will do soon.

GOLD RUNS UP ON SO-SO VOLUME, MAKES A SLIGHTLY HIGHER HIGH, AND FALLS BACK


Dollar slips further to .8248
Bonds finally pull out of their nose dive and stabilize a bit
Dow up about 30 and thrashing there
Euro rises some more
Yens stops falling
Oil breaks through 58 by 15 cents
Maybe gold will go higher today, but I suspect some kind
of attack soon, what with the dollar falling, and so weak

DOLLAR MOVES DOWN TO .8249

Dow up 50
Oil rising but having trouble getting
back above 58
Euro rising
Bonds still falling
Gold moving up cautiously on low volume

I'M EXPECTING GOLD TO MOVE MUCH LOWER


Gold needs to find support at the top blue line of the down
trend channel, then at the bottom line, then at the white
uptrend channel line. If not, it moves down a good deal lower

DOLLAR DOWN TO .8262, GOLD RISING


A rather weak rally on light volume. Gold volumes have
simply gone light in relation to past months. Not enough
bad news of major consequence to stimulate people into
the PANIC they will surely exhibit shortly when their
world falls apart.




Dow barely positive, up 10


Euro starting to rise


Yen still falling


Oil up and down on its lows


Bonds moving down fast

GOLD RISES A BIT ON LIGHT VOLUME


GOLD TAKES A LATE HIT OF 350 CONTRACTS DOWN TO BELOW THE 75% POINT, A SMALL BOUNCE, MAY GO LOWER


Dollar slipping to .8268, currently at .8273
Euro turns up a bit after a steep sell off
Yen moving lower
Oil backs off to 57.40, now rising a bit
Equities moving up but still off from yesterday's close
Dow off about 12
Bonds moving down

THE NEXT INTERMEDIATE 75% RETRACE POINT IS AT 94380


THE PULL BACK BEGINS


THE LARGER VIEW


GOLD WILL PROBABLY STOP AT 9314


GOLD BREAKS OUT ON MODERATE VOLUME WITH ONE MINUTE OF STRONG VOLUME, STILL PUSHING UP, MAY GO HIGHER, BEFORE CRIMEX TAKES IT ALL BACK


A STAND OFF GOING ON AS GOLD TRADES IN A TIGHT RANGE ON LIGHT VOLUME


Probably waiting for the CPI
report to come out before gold
will make a big move

CPI REPORT AT 5:30AM PDST

Should be very encouraging...NOT!

A LITTLE SUCKER RALLY ON THE OPEN, THEN DOWN IT GOES


GOLD MOVING DOWN, DOLLAR UP, EURO DOWN, OIL DOWN


Potential for gold to get hit
hard on the opening and taken
much lower before any rally

GOLD GETTING SOLD AHEAD OF THE CRIMEX OPEN AFTER A DECENT RUNUP


Dollar up to .8291, currently .8288

Thursday, May 14, 2009