Re: Anyone know a reason that gold is dropping

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silvernut

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Re: Anyone know a reason that gold is dropping

posted on Oct 15, 2008 10:25AM

This market is taking some real prisoners. I really thought the PPT would stop a drop like today. 8850 on the DOW is a 50% retracement on the DOW which I hope will hold. The next retracement will be at 8620 and if that fails , we will retest lows this year below 8000. A bounce from there would be a huge victory.

I really thought this market would bounce to 50 dma at about 10,900, but it looks like the news is too bad and confidence shaken. I am onlly tracking dow because gold equities are moving with the market unfortunately. Yesterday during the last hour , we saw a miracle in the equites pit, so here's to one today.

SilverNut

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