GOLD - Losing Luster

The AUG'09 GOLD contract is slipping lower, currently pressing good directional support at 933.8-931.6. If the MKT is going to stabilize it will here for a bounce back up to the 947 Inflection Pivot. If not the negative sentiment is set to overwhelm the MKT targeting 893.1 on any downside shift. Use caution. This break does have the potential to extend to 850.




The 947 Inflection Pivot that will gauge the MKTs tone for the current corrective shift. Below here the contract is hard pressed into support. Above this point the positive momentum will try to re-establish itself, targeting 996.2. A violation of 962.5 is needed to confirm any new push north. Be patient. No follow through is expected.



JS



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