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30th november Gold Trend Analysis

In last nights web update resistance was listed at 1727-1737 and 2nd tier at 1751-1757 and the high so far today is 1750 spot. Support was listed at 1709-1714 and 2nd tier at 1697-1705 and the low so far is 1701 spot.

Trades

Long Gold from 1705 spot —- sold 1/2 at 1717 — and 1/2 at 1740

CURRENTLY HAVE BUY ORDER AT 1725 SPOT —– RAISE THE BUY to 1735 SPOT on ONE CONTRACT and 1725 ONE CONTRACT. (Add 4 dollars for the FEB CONTRACT) —— STOP WILL BE 1712 SPOT or 1715 FEB contract.

LONG SILVER from 32.02 BASIS MARCH ———had order to Sell 1/2 at 33.00 —– CHANGE THAT TO 32.80-32.90 basis MARCH………………… I’m selling 1/2 of mine now………….

After an almost total collapse last night in Asia with China stock market taking a massive hit, a coordinated central bank intervention in the credit swaps market lowering rates by 50 basis points has has stopped the markets from a complete wipe out ——— and has sent all markets into a tremendous short cover rally ————— with the DOW up 400 points, DAX 267 and GOLD up 30 dollars.

GOING TO THE CHART

Last night on the website we mentioned that the last day of the month is usually strong but the intervention is really what pulled off this big move up. In fact, we came within 3 dollars of being stopped out last night in our gold position —- thank God for a well placed stop. The chart below is a 5 min chart as things are in a big move. First support is the 23% retrace at the 1737 area and then the 38% retrace at 1731-1735. We’ve reached our upper target for the week (1737-1754) and at the moment it’s difficult to say if we’re going to move any higher that that point this week. For the moment the trend is up and we will continue to favor that scenario. There should be some type of high near the 1755 area —– but plus or minus 5 dollars wouldn’t surprise me. Thus 1750-1760 is a good range to use for the moment. LOOK TO BUY A PULLBACK —– to re-enter the market. Either way —we’ve made a total of 42 dollars per ounce on this weeks trades so far.

FRANCAIS ESPANOL ITALIANO CHINESE

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Thoughts
"For a mountaineer, the important things are the effort, the posture and the muscles. The rope that holds him serves no purpose when everything works but it gives him a sense of security. In the same way, all gold does is ensure confidence; it's a safe haven."