http://stockcharts.com/h-sc/ui?s=$GO...

I added the extremes gold went to. Notice the speed fear sets in and the slowness of confidence. For those new at this; it is classic market psychology. lessons can be learned if one doesn't run in fear and never looks back. I suspect the slownes in confidence is caused by the latter who run in fear and never look back. No matter, gold is now running in the lower warning track. Some like Gartman exploite the fear: selling before he says to the world "Gold is obscenly priced!" then buying befor telling the world he is bullish and gold will make new highs.

ECU will make a serious run at the 200 day (2.10) It has held well at the 1.60 -1.66 level. Volume is weak down here. So when it Does make that run it would be great to have volume increase greatly. Right now it is the resistance point that needs to be breached and held. It shows all the signs of making that run on this baby leg up. The buying volume is needed to overwhelm the short term traders.

GLTA

Reg Mills