GOLD PRICE CLUES 

Using the Power of the Golden Line of Intention

POSTED:  2/08/09

The year-long downtrend in Gold remains intact with price poised to possibly break below the short-term Golden Line of Price Intention.

This single Golden Line sums up the intentions of all the major players in the Gold Market, and works on both intra-day, short-term and long-term charts.

Here is the short-term line beginning this week:

Gold price declined down and touched the $905/oz. point which is exactly on the short-term Golden Line of Intention.

We mentioned this a few days ago in our last blog entry as the price to watch for short-term GOLD.

There is weakness being displayed and a break below this price of $905/oz. will indicate to me that intentions have changed short-term to DOWNWARD in line with the longer-term DOWN TREND.

There is still momentum at work here to the downside and today's price action has tested the support price level.

While everyone is hopeful for higher and higher prices, as I've said before, until the longer term 1 Year Golden Line is penetrated to the upside, I will remain skeptical and watch the short-term prices closely.

There could be good opportunity in short-side investment if price declines below $905/oz. and stays below overnight.

At the least, for cash purchasers, this will mark a waiting period to pick up GOLD at considerably lower prices again for the next, inevitable run-up in price. - George

Previous Gold Price Clues Post

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*NOTE PLEASE: Remember, these chart posts & analyses are for entertainment or educational purposes ONLY and only express my opinion and are not a suggestion to BUY, SELL or even trade at all. All trading is RISKY and you should consult a professional. I am merely a student of the markets and Mankind and not a licensed advisor or broker.