Although many are quick to say that the Dollar is now worthless, I think that it may have out in a reasonable bottom. As such I think that Gold is due for a correction. On Februrary 1, 2008 a decent sell fired off in Gold. Using a 60 minute chart, getiing short at 937.4 was the spot. If April Gold (GC J8) cannot regain the 945 handle by Feb 6, 2008 then GC J8 should go to 824.4. Feb 20, 2008 is another date to have on your calendar. How April Gold trades going into these two Feb dates will communicate good information to us as to where it wants to go. If we can get to and hold above 945 before February 6, then April Gold could very well go to 1000 soon.
Trade Well,
Ernest O.
(Click on Chart to expand to full view).
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