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A word of advice to the goldies who blindly follow all the bullish crap written in the tabloids! Learn Fibonacci and you will be very happy people! Gold like NCM respond to Fib support and resistance levels almost perfectly. The bounce from $930 area was a given as it was the 23.6 fib retracement of the entire move from $680 and also where the 20DMA is sitting which has provided support for the entire move. We should get a bounce to at least $950 and possibly $965/970. After that it is back down to $930 which I am reasonably confident will not hold resulting in all the stops in the $920 area being triggered. You then get a swift ride to $880 which is the 50DMA and 38.2 fib retracement of the entire move from $680. The 50DMA provided support for gold in the January 09 sell off. If $880 does not hold you have fib levels at $843 and $805. If 800 fails there will be capitulation and the likelyhood of retracing the entire move back to $680 increases. My advice is watch those fib levels, watch the shorts in COT and trade/invest wisely!
