December gold tags 38.2% projection July at 586.30 in the overnight session. Monthly S2 is at 586.70, adds up to a trade. I posted that set up on Monday, here it is (erroneously labeled it a 61.8%). Scalped a few in between, but that was the one to wait for. Aggressive traders only. Could that be it for the slide short term? We will see, but it has enough correlation. Stops should be tight as risk is to 582. Resistance is 591.80. Silver is getting more respect as it holds on to the 200 dma (Dec contract). Central bank dumping of gold must be the difference. Dollar bid not helping. Again, watch out for Friday CPI.
This entry was posted
on Tuesday, September 12, 2006 at 8:18 PM.
