Friday, September 26, 2008

non-essential Gold Update

here's a 90 minute chart of the December Gold Contract:



I guess the question now is whether either of the two trendlines I drew extending upward from the bottom of the chart will hold. well by the time the sun comes up and most of you read this, the market will have most likely given the answer. so we'll see.

the market's finally reached a drifting phase, something I'd been looking for since the initial spike, though the pattern isn't exactly one I would have expected. but that's good, cus I like this one.

this can go lower, no doubt. but it might not. I don't have a read on it. but once this decides to turn around, I'm looking for upside into the mid- to higher 900s.

meanwhile, Silver seems intent on holding 13. we'll see if that lasts. Silver trades like a woman. hyperesthetic and constitutively confused, as Professor Ortega would put it. 'a creature of twilight.'

but...she's a lot of fun when she's in the mood.