Here is an updated hourly chart of December gold showing pit and electronic trading.
As you can see the market has dropped about 12 dollars from its overnight high at 479. I think it will rally now to 472-473 and then drop to a level a couple of dollars above the bottom of the box at 456. Then it should rally to 490.
2 comments:
carl,
Yesterday we've had an important ascending trendline break on the S&P500. I see a double top unfolding with a projection to 1160 points over the short term
Also, with RITA unfortunately striking main land over the weekend, we can get somekind of panic selling today and tomorrow. So beware bulls, rough times are probably coming.
what are your thoughts?
Amateurs are always bearish at the lows.
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