Gold Trading - All is gold, does not glitter, Sellers in control

Gold Trading - All is gold, does not glitter, Sellers in control.  

Let's get to the gold charts. Remember, when selling occurs in gold and there is volume there is fear in the market that will normally cause the selling to continue. Gold sellers have moved in. There is a lot of different stories out there as to the timing of gold prices and the selling of Gold by Cyprus. Sort of a punitive measure for them using their only capitol reserve to pay off Banks that didn't know when to stop lending. Too bad once they sell then they will have no real Capital Reserves. 1478 looks like the short term support.  Watch as sellers can either panic or pull back for a small retracement to 1500. Once 1478 is broken the next major support is 1381. A more logical support will be the psychological support that will come in at 1400.

Gold Trading and ETF GLD

GLD the Gold ETF is showing the same weakness with a thin bid giving sellers push in this market. Downside support is 142. but looking for a Gap down to around 140.50.  The next major support if it breaks here is 136 to 138 area.  Watch this at the open as another influence in the over night is some support in the Japanese Yen pushing the Dollar index up. Watch yourself as this is a volatile market, it is best not to trad [...]

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