Mostly: Classical

[Chary]

I have been sitting on my hands for a while, maybe I am a bit too aggressive in here. I saw Gold coming into an area that was resistance on the way up, thinking it could act as support on the way down. We had what looked like the start of a reaction off of support yesterday. Now today, Gold is taking a hit. It needs to hold my line of support or I need to bail.

A break of support projects down to $605(red line) fib wise which coincides with the next area of support. I was playing this for a rally to the $675. I am watching it and may well close my trade out.

CBJ was kind of doing a retest of support that it broke,resistance now, hovering under there at the highs with nice price spread and volume. The thinking there is that since it's holding up there and the closes on the price spreads were near highs we are getting accumulation for a jump through resistance. Had price hung in the same area with the closes at the bottom of the price ranges I'd a been thinking distribution; smart money selling to dumb money. Dumb money thinking a jump over resistance, smart money knowing price was going to heard down off the resistance. I am watching it closely today.

EDITED