Gold: Trying to Clear $988 Intraday
February 19th, 2009WARNING: This is not a recommendation to buy, sell or hold any financial instrument.
Gold tried to take out $988, but bounced off. It’s a make or break, right here.
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It´s important to note that the 1-day chart can form a fractal and then follow through with a rapidly accelerating buying momentum to break that resistance. This is a pretty typical pattern, it´s like winding up a pitch. Assuming today´s peak doesn´t exceed yesterdays, and then Friday is a bit lower, there´s a fair chance that next week will see a break-out day that surges the price 30 or 40 dollars, into the 90s, pushing 1000. If it does that´ll be a continuation of wave 3, or we may go into wave 4 next week, which would be a meandering week of rangebound activity followed by a pop toward 1032 on wave 5. With the way things are now, I wouldn´t be surprised if wave 3 tops out at 1032 and wave 5 at 1100 and some change.
I was talking to a Yankee who just moved down here a few days ago. He was telling me that service jobs are now saturated with laid off fifty somethings. I´m thinking the dice are loaded long-side for the next month at least.