looking @the hourly charts of xau/hui, the structure does not look impulsive. the lows are still ahead of us. dharma

Interesting dharma. We have the 5 year anniversary of the 2003 bottom coming up on April 4th. I would say we need to close over 17.50 silver and 940 Gold before we can say the bottoms have been properly tested. Gap in CEF over 13 needs to be closed over as well. Tough to say that much damage could be unwound so quickly. I think we need to stabilize some more.

dharma: how low can we go?
370 Hui low?

april 7th is the bradley. +-5days. i dont look @#s to determine the low, i let the market indicate the low. usually oversold w/divergences on the hourly charts is an indication. into support levels is another idea. fib. retracements. i am not of the mind that we go as low as most are looking for and if we should it will do it in a way they are not looking for. that april 4th date coincides w/bradley and anniversary dates are a gann tool. i have heard it bandied about that bsc was long gold futures and that position was liquidated. my feeling is the game is going to shift for gold. now it is a commodity, soon it will be a safe haven. the problems @this point are light, they will cause fear in the future. the banks/brokers will be scrutinized. spring was a full moon, and indicates a good harvest, so the grains may not perform as well as they had been.
dharma

Ctrend projects........................................as long as ema3<ema5 on daily
hui..........391
xau........155
gld.........86

http://www.traders-talk.com/mb2/index.php?...mp;#entry360545

nice rally,but i am still not convinced the bottom is in. not that it matters to me. dharma
i am fully long

I agree that the lows are not in. Same with oil -- looks like $89/barrel, if not lower, before any significant rally.

JN: where would you be thinking of going long the metals?

Dougie, I will wait to see some kind of positive momentum divergence before going long again -- $800/$770 is a target.
Might be weeks...

JN: how do you chart momentum ?

i seriously doubt we get that low. if we break 900 it wont be by much! the june parabolic is still very much in tact, and todays move rekindles the august one also. i dont think this move up has legs, but we will see.
dharma

i read no one today who thinks this has legs wit h the exception of dcengr who says it may go to old highs teh ncollapse

The GLD chart indicates that another gap was filled today on increasing volume. There is no significant resistance up to 96 or so. If up volume continues to expand, I see no reason why recent highs should not be tested on this leg.

uh

i check charts @night. i am not an expert on volume, but my understanding is high volume areas, such as the lows we just made will be tested and probably on lighter volume. most of the stocks put in capitulation high volume lows, so most probably that gets tested. we are in resistance(from gann angles coming off the highs) here and overbought on hourly charts. now lets see how the market responds.
i am awaiting higher prices, i dont think the correction is over, however i will accept it if it is over. the problems in the banking sector are massive, the solution has not been made. some band aids have been administered. the system is still bleeding. the necessary recessionary forces of bankruptcy is being avoided. the problem will only get worse. gold has much higher #s in store. the dollar is toast. central banks will be building their gold hoards, watch what they do, ignore what they say.
dharma

Yeah, the test of the near-term low has to be on less volume for the bullish case to kick in again.
But, if it's on greater volume and takes out the low, bulls will have to sweat it out for many weeks.

thanks jnavin, my take as well.
it appears to me that we are in B up of an abc down. i expect the B to end friday-tuesday. i expect the whole correction to be over by mid april. time is becoming compressed. the situation is unraveling very quickly. i expect the next assault or 2 to break above 1000 and for gold to march much higher. it is very disturbing, what i see happening in the economy. i await everyones arrival in the mining shares. mining will be seen as a good biz. the sector is small, prices of the shares will rise. dharma