GOLDTRADER'S GROUP: 3/22/09

Friday, March 27, 2009

THIS INTERMEDIATE LEVEL WHITE DOWN FLAG RESOLVES UP

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.

2:15PM PST AFTERNOON CLOSE FOR THE WEEKEND

9:35AM PDST GT GONE TO THE DENTIST AGAIN, BACK THIS AFTERNOON

I'll post more charts this evening and some websites you should all be following
on a regular basis.

9:35AM PDST GOLD SHOWING NO STRENGTH TODAY

7:59AM PDST GOLD TURNS LOWER IN THE BLUE DOWN FLAG AND FALLING BELOW THE WHITE UP CHANNEL

If the blue down flag doesn't hold, gold could
drop down to the 75% retrace point at 90620

So far, gold has had a very weak morning, but

at least has not collapsed in a major way. But

the day is young and the Dollar is still strong,

but beginning to slip lower, now at .8555

7:32AM PDST GOLD PEEKS ABOVE THE BLUE DOWN FLAG, COULD MOVE HIGHER

7:14AM PDST GOLD UPWARD MOVEMENT IS WAINING, COULD FALL, OR JUST BE CONSOLIDATING TO MOVE HIGHER

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

Bonds sideways

6:42AM PDST AFTER A GOOD RALLY, GOLD GETS HIT ON MODERATE VOLUME

After a 75% pullback of the last up leg, gold
rallies once more on light volume

6:20AM PDST GOLD ATTEMPTS TO RISE ON LIGHT VOLUME

6:08AM PDST A PULL BACK OR ANOTHER BIG DROP?

6:00AM PDST GOLD FINDING RESISTANCE AT THE THIN BLUE DOWNTREND LINE

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

more strongly.

The strong dollar is also an impediment, the Euro

falling isn't helping, and a falling Dow is weighing down

gold.

Gold has just broken above the thin blue line and big bids

are moving in.

5:41AM PDST GOLD HAS FURTHER TO FALL IF IT BREAKS BELOW THIS LEVEL

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
June Gold

Dollar up to .8558

Euro sideways after its big drop

Yen falling

Other markets erratic

5:22AM PDST GOLD DROPS ON THE OPEN, LOOKING WEAK ON THE BOUNCE

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.

5:19AM PDST GOLD DROPS FURTHER WITH A GAP UP BOUNCE JUST BEFORE THE OPEN

All this is on light volume

GOLD PRICE FALL THROUGH ALL MOVING AVERAGES EXCEPT THE 100 AND 200 MAs

5:02AM PDST GOLD TAKE A SUDDEN HIT BEFORE THE CRIMEX OPEN

CLOSE UP VIEW
At least gold is bouncing back well, but so close
to the Crimex open means now the market will
be very jittery and weak longs may panic sell on
the open driving gold down to the 75% retrace point
at 90620 and should rally well from there.