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Strategies & Market Trends : The coming US dollar crisis
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To: Real Man who wrote (11607)9/23/2008 2:31:05 AM
From: LTK0073 Recommendations  Read Replies (2) of 71409
 
A technical aspect is we likely have a over hang resistance going back to the blow-off run from about 890 to 1011.
On the subsequent run to 970, perhaps a good deal of the overhang was taken out.
But whenever gold or whatever is retracing its way pack following a big sell-off from alltime highs it is rising into the overhang of those that jumped in late and are waiting to get out even.
Just don't know how much overhang still remains.

This, of course, the essence of support lines and resistance lines.
Looking at that chart we have 2 mountain formations above 890.
A retrace back to old alltime high is a bit like a salmon swimming upstream.
Plus once those resistance support lines are established we get more and more traders buying support and selling resistance.
But POG always has an explosive component if this financial situation can't be resolved , then it would come to a point where it blows through 1011, just pushing resistance aside.Max


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