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Re: Gold--taking its time
Posted By: hugo In Response To: Gold--about to give it up (hugo)
Date: Saturday, 3 May 2008, at 1:20 a.m.
Might have been the Friday effect again. Gold was fighting the euro all day. Same kind of thing happened up at 900 when it refused to follow the euro lower for awhile.
850 area was being mentioned by some as support, so there might have been a little bottompicking as well as shortcovering for the weekend. Big pop in oil didn't help, but that still looks like a top forming there.
Euro let loose a little but I still think it needs to see a longer bar for goldbugs to be convinced it is in a bear market.
I'm a little more cautious about this bear with us having failed to hit 800 by now. These little $10-20 moves might just be all there is to it. Next day or two should tell me to stay short of get out.
I'm targetting $815-818 as my exit. A faster move would probably have sent us to below 800, but since it is going so slow, it should stop short of the 12/20 bar where it broke out from congestion. We'll see what kind of bounce can be sold after that.
hugo
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