Monday, June 6, 2011

Gold to Finally Start it's Downward Correction? 7:05AM CST 6/6

(Chart 1 - Gold Day Zoom)
(Chart 2 - Gold Day)

There is a lot going on right now:
-1543 is a "weak 7/8" minor Murrey Math Line (google or see other posts for more info)
-1545 is top of current light blue bullish channel
-Most of previous 4 sessions stalled near 1543 and all closed under it after testing it (WD Gann 4-9 rule)
-1550.6 is recent swing high

I like entering here, with a stop of 1552-1555
1562.5 is ultimate resistance

All targets and scenarios detailed a few days ago here are still valid for this sale

(NOTE: I am currently short via long the GLL ETF)


  1. I am also out if it closes over 1545 today, though price is looking like it will break 1555, in which case I will probably also be out.

    Short term showing some selling interest up here right now. We shall see....

  2. with this shooting star closing at 1546.5 (1.5 over what I said), I will be staying in.