Wednesday, August 13, 2008

6:33AM PDST

Dow opens, drops like a rock and dollar gets a goose up to .76485 and oil starts dropping Seems fishy to me. Gold sold off its morning rally, bounced a bit, but no continuing strength, so it's beginning to sell off some more. The low at 809 seems to be holding so far, even though the real low is at 80460. This morning support is in the 816 area.. There is no coherent pattern yet for the Trend Reversal UP that we need to see however, as always, I think we won't see gold moving lower than the 805 area, and will continue to see more sideways trading between the bold blue chart lines, which is beautiful for traders as the range is significant.

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