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Politics : Welcome to Slider's Dugout

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From: SliderOnTheBlack	8/9/2005 10:22:52 PM
	of 50653

Physical Gold Demand in India collapses ? 321gold.com ["The Indian market is behaving very strangely at the moment. During the period when the farmers are in the field, manufacturers and stockists build inventories particularly when prices are 5% to 10% down from their highs. But not this year! Gold imports through Ahmedabad have fallen to .2 of a tonne a day from peak buying of 1,2 tonnes. In Mumbai, buying is down to .1 of a tonne from an average of 1.0 tonnes."] 321gold.com But, Richard Russell of the Dow Theory Letters is "bullish" on Gold.... although he's see's what everyone else see's.... key resistance on the Chart for GOLD that must be taken out at $443 , $447 and most importantly imo, at $456 and say's that an upside breakout would REQUIRE gold to hit $444 - ie: Russell's quote: ["An upside breakout would require gold to hit the 444 box. An even more powerful upside breakout would come if gold could hit the 448 box."] ****************************************************************************************** ....It's going to be very interesting to see the market all lined up at these key price points that virtually everyone is watching at $443, $447 and $456. If you're a Bull... you'd better think like a Commercial Short and a Central Banker and be anticipating what they are going to do and where/when they are going to do it. If you're a Bear... you'd better be thinking like a Bull and be anticipating what they are going to do...although it's pretty apparent that the Bulls are all focusing on and lining up at the same key resistance points @ $443, $447 and $456. In my thinking; the "technical" trading advantage here lies with the Bears. If I was a Commercial Short... I'd "help" POG thru a false breakout right thru $447 and let POG touch $450...knowing that a floodgate of Bulls will come rushing into the market...and then I'd crush them - right then and there on that $450 Box. ...If gold breaks $443 and makes a run to $450 - I think the HUI goldstocks can pop to that 227ish resistance level, but I'd probably be a profit taker into strength there - anticipating the potential for a Classic Bear Trap at $450 POG. Pesonally; this is a classic situation in which many Bullion Bulls may waltz right into a classic Bear Trap. In my opinion the way for goldstock traders to avoid false breakouts & Bear Traps in Bullion is relatively simple: Get fundamental confirmation from Currencies to Gold and from Gold to the stocks. - make the currencies lead Gold. ie: lower US Dollar/higher Gold, or a pop in Gold in foreign currencies - preferably both. - make Gold lead the stocks. - only follow the breakouts with confirmation of the above and monitor the short-term technicals very closely for Bear Traps. It's going to resemble Hamburger Hill by the time we break $456. Slider

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