SPDR S&P 500 (SPY): $GOLD may hit 775 before bottoming which...

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Re: Footquarters post# 57508

Friday, 08/15/2008 1:53:30 AM

Friday, August 15, 2008 1:53:30 AM

$GOLD may hit 775 before bottoming which will coincide with the $USD topping. There's a bearish engulfing on $GOLD with today's candle print. But with any candlesticks, you need 2 to make a pattern and the 3rd for confirmation. So if tomorrow is another down day for Gold then we'll probably see 775 the next support level. I'm watching closely, as I will get in with the 2X ETN DGP - double gold contracts.

$USD is just chugging along and may tag 78.

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