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A Definite Trading Range

October 28, 2006

Let’s say the bottom is IN. But, the question we can’t say is when we start the move UP again. I’ve been saying “after the elections“. And that’s still the case; however, how loooong after the elections? Ahh, that I don’t know.

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The last three weeks has seen the usualy pattern of where there is one big down day and then four small up days. The net result? Very little!

This past week as an example gold took it on the chin Monday, dropping 14 points. Then it was up 4, up 4, up 9, and closing out the week on Friday up 1. Net +4 for the week. Guess what the story was the week before? Net +4.

The week before that it was a +12 net. The two weeks before that it was -6 negative. So, in sumamry, the last six weeks has been up, down, up, down, and ultimately a net +14 for the six weeks or $2+ per week. Would you call that a trading range? I do.  :-)

Written by Ernie · Filed Under Gold News 

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