augie....
Thanks for the read - your chart shows pretty much what I expect at the moment, but I can't get out of the back of my mind that gold may fool everyone here a make a quick break to new highs as a way to fool the most people. Logic and experience tell me that it is overbought at the moment and that the resistance at $323-325 will produce at least a short period of consolidation, but it may be far shorter than most now are looking for. Next resistance is at the recent highs around $330, and again, I would expect a period of consolidation before any successful attempt at a breakout.
Should my gut feeling be more correct than my chart and experience tell me, a quick breakout here to new highs would catch a whole lot of folks off guard, and that could give it a very sharp, fast run as shorts rush to cover and both mo-mo players and all those waiting for "the right time" to enter belatedly climb aboard. A combination of an approaching war with Iraq and the situation in Japan make this scenario possible.
This could get interesting.
mlsoft
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