Today, the People's Bank of China reduced its reserve ratio by 0.5% and the five major central banks increased liquidity by reducing the swap rate of dollar transactions.  This huge liquidity boost has powered gold higher and we now expect much higher prices short term.

However, this move acknowledges the fact that the global economy is in dire straits and longer term this is bearish for stocks and gold.  However, we are short term traders and are long from 1740, enjoy the ride!

Gold is struggling to find any momentum to the upside and another sell off looks more likely as time goes on.  We await signs of a bottom to take a long position, alternatively 1740 would see us go long

Gold found resistance at the 38.2% Fib retracement level yesterday, we still expect more downside though a move above 1740 would see us look to go long. 

Gold up strongly along with almost all markets this morning on news of a potential IMF bailout of Italy - we never trust "knee jerk" reactions and in any case would like to see 1740 before going long.  Watching areas around 1718 and 1735 for Fib resistance.

Nothing has changed since yesterday, the action over the past few sessions is decidedly bearish.  Today should be quiet due to Thanksgiving in the US, we are watchng for our usual technical cues that a bottom is in.

Gold is consolidating near the lows after a weak rally attempt, this is bearish and we expect more downside.  Targets are the 34 week MA at 1635 and below that 1600.

The market still looks very weak after a tepid bounce yesterday and more downside looks highly likely.  We watch for signs of a bottom to open a long position.

Gold sold off aggressively yesterday and our target of 1680 was hit, in fact it was breached though not for long.  We will watch for the market to hold above 1680 and show signs of a bottom before looking to enter the market on the long side.

After breaking below the important 1750 level on Thursday, gold is looking weak this morning.  Our downside targets are 1705 and 1680, which were major resistance on the way up.  We would be surprised to see a drop below 1680, though 1600 would be our next target below that.

Looking for signs of a bottom using our normal criteria and our subscribers will be the first to know when we enter the market.

The break of 1750 yesterday led to a strong sell off as anticipated, targets on the downside are 1705 and 1680 which were resistance on the way up.  Our stops were hit yesterday so we take a small loss and watch from the sidelines for now.