Monday, June 28, 2010

Gold Daily Chart and the Failure to Reform

By Jesse’s Cafe Americain (full article)

“Gold attempted to break out this morning hitting an intraday high around 1262, but was hit by concentrated selling designed to break the short term price trend. This is what is called a bear raid.”

“Each time gold attempts to break out, the shorts, in this case primarily the Wall Street banks and their associates, attempt to break the trend and push it lower. Each low is a little higher than the last, which is what gives the chart formation its shape of a rising triangle. As the energy behind the primary trend builds, the shorts must eventually give way and allow the price to rise, retreating to another line of resistance a bit higher.”

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