Gold, euro, crude---sell


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Gold, euro, crude---sell

Posted By: hugo
Date: Friday, 9 May 2008, at 9:01 a.m.

I'm confident in that same order.
Gold--this is not a reversal pattern. It's a very familiar looking pause in a bearish trend. The rally should end today...unless it moves up significantly--over 900. We will at least be going back down to 850. If we don't go below last week's low when that happens, I'll change my tune.
Interesting to watch yesterday early as both the euro and crude were selling off. Gold was steady and seemed to be taking its cue from gold stocks. HUI had a big rally. it's looking for any excuse to go higher.
Euro--looks like a nice bearish channel is forming with a kind of bulge in the middle formed over the last week's two highs. Next week should see 1.50. After that a big drop to mid to low 1.40s
Crude--least confident here, but the overnight looks like a panic high as it broke through a rounded top that was forming. Should see a big selloff from here. Would be an excuse for gold to sell off.
hugo

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