- Franklin Sanders, The Moneychanger
The-MoneyChanger.com
Yesterday the GOLD PRICE hit another new all-time high, and today traded as high as $1,912.50 after hitting $1,918 yesterday. About 3 a.m. NY time the GOLD PRICE ran onto the shoals, dropping from $1,900 to $1,872 in an hour. Steadied out between $1,870 and $1,867 until New York opened, where gold's friends (or traders looking for a shorting opportunity) ran it nearly to $1,990, then let it drop about 11:00 all the way to $1,850. Comex closed down only $30.40 at $1,858.30, but in the aftermarketGOLD peeled off another $30 to $1,828.70.
Our old friend the Key Reversal has now raised one of his two heads. Remember that what we saw today in gold -- a break to new high territory with a close lower than the day before -- is only the first head. To qualify as a genuine Key Reversal theGOLD PRICE must follow through tomorrow with a close lower than today's.
That's likely after the long rise we've just come through, but no certainty. It's likely because GOLD has moved far above its 20 day moving average envelope, and that right universally marks a top.
http://silver-and-gold-prices.goldprice.org/2011/08/gold-price-could-just-as-well-rise.html
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