Gold Analysis, Dec 20/09


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  • phileo
  • 20-Dec-2009 at 5:02 PM
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Gold put in bottom and made a powerful move back up before either Euro or ES started their moves, so that is bullish. However, the overall trend is still down, so Gold could go either way this week, so will have to monitor US Dollar futures (DXH10) for directional clues.
Click image for original size
Volume chart of Dec Gold contract
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  • phileo
  • 20-Dec-2009 at 6:21 PM
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as mentioned in chart, current bias is up, so buying support 1112.5 would have worked out nicely.
Let's see what happens at 1117.5
Euro and cable both gapped down to open evening session, so if they fill their gaps (1.616 for Cable, 1.4342 for Euro), that would also be bullish for gold.
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  • phileo
  • 20-Dec-2009 at 6:35 PM
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Originally posted by phileo

as mentioned in chart, current bias is up, so buying support 1112.5 would have worked out nicely.
Let's see what happens at 1117.5


Forget about what happens to Euro/Cable, gold intiated a breakout at 1117.7. Nice!
Bias is still up. I do regret that I did not buy 1112.5, only because I started watching the gold market this month.
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  • phileo
  • 20-Dec-2009 at 7:12 PM
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Forget about what happens to Euro/Cable, gold intiated a breakout at 1117.7. Nice!
Bias is still up. I do regret that I did not buy 1112.5, only because I started watching the gold market this month.


spoke too soon about 1117.5, back to 1112.5 to see if buyer retain control
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  • phileo
  • 21-Dec-2009 at 11:08 AM
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back to 1112.5 to see if buyers retain control


Major initiative move away from VPOC @1115.1 down to support 1104.5. above 1117.7 was overvalued today, as there was little volume above that area. Price also could not find value at Thur's VPOC 1114.2 nor Friday's VPOC 1107.9
Price is now in the lower half of Thur's. trend day down. Ball is in the bulls court to show up.
Low volume node at 1101. A breakdown below 1098 would be bad news for the bulls. No position.
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