Friday, June 26, 2009
Volume is still too light and directionless
There are occasional bouts of good up volume, but it doesn't
carry gold very far.
The Indicator markets are in disarray, but generally not
supportive of gold right now.
Looks like we might have to wait until next week for gold
to make a major move unless something happens late in
this session, which could happen.
I closed my August gold longs last night for a tiny loss as
I got tired of waiting for gold to move up enough to get me
out with a profit.
I was losing too many opportunities for the many profitable
trades that occur every day because my funds were tied up
and I couldn't take the chance to do any trades in case gold fell further.
A thoroughly wasted two weeks.
But I now have my funds free to trade and am eager to take advantage
of the volatility that presents many opportunity for short term trades every day.
This market is for day traders and gamblers ONLY.
Gold 'may' find support on the WHITE downtrend line
that gold moved above, but there is lots of room to move
down if traders start locking in their profits from this long
up move gold just dropped below.
Oil, Dow and Euro are moving lower
Bonds have pulled back from their highs in a down flag that
could resolve up.
Dollar has inched up and formed an up flag that resolves down
Bonds moving down
Oil and Dow moving up
dollar slipping a bit and trending down overall
Very hard to call this market here as gold is near its highs
and could get taken down before making any new highs
Gold has dropped through the first 75% retrace point and
has paused at the 2nd point at 9435 and rallied weakly twice
to 9456. A 3rd test of 9435 may punch through it and would
go much lower.
Thursday, June 25, 2009
Bonds are consolidating at their highs
Dow has spiked up out of its consolidation, now up 92
Euro has moved higher
Dollar is slipping back from its 'artificially' induced high
Gold has hit the last 75% retrace point of the recent sell off
and will pull back a bit before going higher.
The later in the Crimex session we get, the less likely gold
will spike during the session. We will probably get a good rise
in afternoon trading if gold stays here during the day session.
Gold stops at the blue downtrend line and may find support
on the top line of the red downtrend channel that has
just been exceeded to the upside
Bonds have fallen precipitously
Euro is rising cautiously
Oil moving higher
Dow rising fast, now up 40
Dollar slipping off its high at .8120, currently at .8100
Up volume is good here. A little pull back from the 75% point
is normal. Then gold 'may' move up to the highs and spike.
The Indicator markets are turning in favor of gold in the Euro,
Yen and Oil. Dow is down, Dollar is up, but should fall soon.
This market is traded on gut feeling and experience as other
markets are trading to frantically to rely upon for viable
indications of what will happen.
The Euro skyrocketing and the Dollar collapsing are two fairly
good indicators, but even then, the manipulation by the Crimex
and the guv'mint is profound and can't be discounted.
All you really have from here on is the conviction that gold will
go up in the long run and the Dollar will collapse along with most
other paper currencies