Gold Sharply Lower, Under $900

July 30th, 2008

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

Many eggs. Many baskets.

Via: MarketWatch:

Gold futures fell sharply Wednesday to trade below $900 an ounce, as the dollar gained against other currencies after U.S. private-sector employment data showed a small increase in July.

Gold for August delivery dropped $21 to stand at $895.50 an ounce on the New York Mercantile Exchange.

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One Response to “Gold Sharply Lower, Under $900”

  1. pdugan says:
    July 31, 2008 at 5:46 pm

    It’s back up today, if you look at the candles on the 1day underneath the gator (SMA 13,8,5) then you can see it formed the peak of a nice fractal yesterday, and that fractal will probably complete with a ten or fifteen point net-rise tommarow, signaling a reversal on then trend back to the bulls. Under the nadir you could put a stop-sell, since if it does break through that support it’ll likely fall another couple dozen dollars. Chaos isn’t entirely unpredictable.

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