Gold: Intraday Downside Breach of Strategic Support at $850

May 1st, 2008

WARNING: This is not a recommendation to buy, sell or hold any financial instrument.

$850 is a very significant support. If it doesn’t hold $850…

This is why we diversify. Diversify. Diversify. Diversify. How many times have I written it… A lot.

The dollar is experiencing an explosive rally at the moment. However, there’s nothing but grim economic news ahead for the U.S. and, by definition, the rest of the world. The dollar has been clobbered so hard for so long, technical rallies have to happen sometimes. I’ll take a closer look at some charts very soon.

Gold stochastics on daily and weekly intervals are now extreme, and gold is at a critical support. Falling knife maniacs: you know what to do.

Posted in Economy | Top Of Page

2 Responses to “Gold: Intraday Downside Breach of Strategic Support at $850”

  1. smarks says:
    May 1, 2008 at 9:16 pm

    Kevin, All:

    DO
    NOT
    WORRY

    Jim Puplava said, “just hold on”

  2. traderjohn says:
    May 2, 2008 at 12:04 pm

    I bought a small amount of GLD yesterday when gold hit 850.

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