A key Reversal occurs when a New Contract High Occurs and then Closes below the Low of the Previous Week (Pls Correct me if I'm wrong)

We meet all of those criteria......increasing the odds that a significant Top has been seen.

It will take some time to unwind the Bullishness built up over the last several months, thats why I think that $750 is highly likely

I wouldnt buy (if not long already) until weekly Stoch get to or below 20

Watch the weekly MACD for a cross as confirmation similar to Spring 06

Sentiment wise, once people get convinced that the Bull Market in Gold is over, will be a buy signal.........we are a long ways away from that, we will of course not head straight down.

Interesting how Gold (GLD) likes round numbers like $100........look for $75 or $80 as a turning point

Equities may be putting in a st bottom soon, wondering if the herd will move some assets out of commodities in that direction.

Meanwhile a dollar rally to 75 or higher looks realistic.

Trade Well.

Closed my PM Short, imho weve come down too quickly, will reshort from higher levels (once everyone believes that this was just a hiccup)

CW

Interesting, but I think the pull back is driven by the dollar and the cut in margins for the hedges. That might mean that the drive to $85.14, (my point and figure indicated price objective), will be a possible turn and attempt rally point. On the XAU I am less sure what to expect but a 25% correction over the summer is certainly possible.

Islander

And am I MUY happy to be in cash and awaiting the next great buying opportunity in the metals, Senor has no problemo being patient. The el trucko is ready

BSing away

Senor

Senor and woody, a big thank you.

I was watching gold and also reading Livermore's "How I Trade Stocks" I was reading the part where he talks about stocks that break through major psychological points like 100 or 1000 and if it holds it shoots up but if it reverses watch out. When gold reversed off 1000 I checked the board and saw a post from woody and senor pointing to a possible weekly reversal. I knew with senor, woody and old Jesse on my side it was a win. I am currently out of my gold short but just wanted to say thanks.

the dollar has lots of resistance (gann angles) coming in, in the 75-76 range. there is major resistance @79.
remember its an election year, and the incumbents want to continue screwing things up and get mccain in there
this is a pause in the commodities bull.
the broads will have a significant rally, causing gold to go into stealth mode
dharma

dharma:

75-76 will tell the story on gold - agrea the brads will rally

http://stockcharts.com/h-sc/ui?s=$USD...&a=26809251

stubaby

i see everyone and their monkey on the threads waiting for gold to go to 850 now. tells me either it wont happen or much lower than that

Well Dougie then you either buy in here or slightly lower or wait for 750ish. So did you buy anything Thursday?

nope, i am holding enough long that i am comfortable adding if e go muchlower