Post by
TRRG on Nov 03, 2013 7:58pm
Gold going down...down......down
Charts tell me that the long-term trend for gold is down, down, and down some more. All those cheerleaders who are hoping for a bottom here are just hoping because all the long-term technical indicators, every daily, weekly, and monthly chart, volume and open interest clearly show that there is no bottom. As I have said over and over again since gold began to sell off at 1700, this is going to be a long and grinding bear market. Those who want to lose money are going to go long no matter what the charts or technical indicators say. The dollar is in a long-term uptrend and futures trading firms continue to use this fact to their advantage. They know that the average person is not likely to spot a long-term trend until the final half of the move. The dollar uptrend began September 1, 2011. We are in the first 5% of the long-term uptrend. Those who trade against the dollar are most likely going to be suckered by big banks, hedge funds, and futures trading companies. They are inviting us to make their day so they can turn the tables when we least expect it. Gold closed down around 1315 as of Friday, 1 November. If gold does not hold 1300 and begins to fade, it will be in significant, I do mean significant trouble. The way out of this potential trap is for it to quickly regain the 20 day wma and then the lower support of the bearish rising wedge at 1338. The price action will start to tell us what to expect Sunday evening when the Asian markets open. Gold bulls have to be looking for increased volume, open interest, and relative strength.
erwin witt