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8th december Gold Trend Analysis

Last nights web update listed gold resistance at 1744-1754 and the high was 1756 spot gold. Support was listed at 1712-1719 and the low so far is 1708 spot gold.

Trades — Long Feb mini gold at 1719.50 (appx 1715 spot gold) 1 mini contract only – stop 1697 Feb
Long March mini silver at 32.35 (ave of 2 contracts) — Stop 30.75 intra day.

I lost power last night and just got it back —- so i am going with new that ECB has problems with banks and cash — or that there has been a breakdown in negociations and there will be no printing or something to that effect. We keep getting and losing internet as power just came on. We had a winter storm with big winds last night.

Going to the chart

Gold has traded from our listed resistance at 1745-1755 dow to the 1705-1711 area in less than one hour. We’ve discussed since Tuesday morning the FAKE OUTS that will be attempted as we come out of this big wedge and it seems like they have done it again today. This mornings highs pushed just above the trend line — and in less than 2 hours they are trying to break the downside. We are not sure if they are now planning to slam the markets — or run them up as we are still in the wedge. The situation remains dangerous. Support is the 1680-1697 area in gold and resistance is now 1717-1725 basis SPOT GOLD (add 3 dollars for FEB GOLD). In summary — we’ve probably seen the top for this week and the potential for things to keep unraveling can continue. I’ll keep my stop where listed for the moment and will email if there are changes — and update tonight on the website.