Thursday, September 3, 2009

Is Thar Gold In Them Thar Hills?

Too early to tell. I do have a H&S labeled in this chart with a target of 126, but not counting on it or calling it (yet). The weekly vol is picking up which is good, but the indicators have not busted yet to my satisfaction. The triangle it is popping out of now is worth around 10pts to 1003 to 1005. The daily RSI is already at 70 and the S Sto is almost topped. It did gap perfectly thru the upper trendline and has set a series of higher highs and lower lows. I'm gonna wait and see what happens around 1003 and the neckline in black. Sho nuf looks good tho. Maybe a little too good if you know what I mean. It is set up to bust a nut, but proceed with caution.

From the FT - Gold edges nearer $1,000. "The dollar’s recent slide against other currencies has helped underpin gold. Nevertheless, traders and analysts were doutbtful about the prospects of a substantial rally in the gold price beyond $1,000."

Interesting article I found on Steve Quayle's site (yes, I look in strange places for stuff). The 1-3-6 Rule and Gold Begins to Move by John Galt at Shenandoah.

UNG getting bitch slapped this am. Ouch.

GL Trading

Chart better viewed HERE.

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