Notice that gold has broken out of the dark blue down flag and has reached
all the way up to the top line of the dark green intermediate trend channel
and is now dancing around on the line looking for support.
The low volume on this move concerns me, but that will all change as
we near the NY open.
They, of course, will do everything possible to keep gold BELOW $1000,
but that round number is NOT as big a deal, having already been exceed
months go, and can be exceeded easily by tens of dollars before pulling back
to that level, which should logically become a support level just by virtue
of it's round number significance.
Friday, February 20, 2009
4:47AM PST GOLD PULLS BACK ON LIGHT VOLUME
Notice that gold has broken out of the dark blue down flag and has reached
all the way up to the top line of the dark green intermediate trend channel
and is now dancing around on the line looking for support.
The low volume on this move concerns me, but that will all change as
we near the NY open.
They, of course, will do everything possible to keep gold BELOW $1000,
but that round number is NOT as big a deal, having already been exceed
months go, and can be exceeded easily by tens of dollars before pulling back
to that level, which should logically become a support level just by virtue
of it's round number significance.
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