Bounce in Gold this week now over?

Somewhat of a double ("W") bottom on this chart of the dollar. We could see strengthening in the dollar in the short-term / intermediate-term coupled with weakness in gold / precious metals.
 

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On second thought, I think this is a decent bounce but all of my other indicators are suggesting that there's still more of a correction left. We'll see. Tough call here.


Quote from formikatrading:

Seemed to find support at the lows from 1/15 and moving on up. Maybe the correction is over now.
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Revised opinion appears to be correct.

Quote from formikatrading:

On second thought, I think this is a decent bounce but all of my other indicators are suggesting that there's still more of a correction left. We'll see. Tough call here.
More...
 
yest and rollover into April somehow made it possible

for the mass exit out of gold

now the next day or so will tell if we end the month

above or below 400 gold
 
Even though gold was down $16 on Thursday the gold index was down just a modest 2%.Friday ,gold and the Euro turned around.Gold has been above $400, 41 out of the last 42 trading sessions,and the Euro still costs a $1.2464.It seems as though most that lack conviction have exited the sector.You'd have a hard time making an argument that there is more downside here,but stranger things have happened.If the dollar moves lower monday we may see an up move in gold for a couple days, and possibly more selling at the end of the week,before the G-7 finance ministers meeting Feb.6 and 7.Not that the meetings will solve any problems , but some perceptual change may arise which may trigger additional selling,such as Greenspans comments did this last week and two weeks prior to that.Goodluck, and watch-out for that blindside.
 
Big move today. Gold up 11, silver up 5%+ or 33c.

Glad I added good size on wed and thurs and have been nibbling the rest of the week. Biggest add was PAAS at around 14. Most of the rest I just added 1-3k of each stock that I owned and some futs contracts.

I am guessing that this is the beginning of the next move up in gold as long as no one says anything too looney over the weekend at the G7 pow wow.

Good luck guys.
 
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