The Really Useful Gold Thread

FWIW O'Brien says:

The gold contract is trading $638.60 with the dollar at 83.43. The contract wants to trade to the $648.00 price point in the next few days however the volume is light and the price will come back down to the lower level of the consolidation that we are in. That level is the $614 to $595.00 price point. The HUI is trading $338.37 , it wants to the $345.00 mark; this again has light volume on the way up. The HUI will run into resistance at the $345.00 level and will trade down to the lower side of the consolidation which is the $312.00 mark. It’s all about the dollar , this is trading at $83.43 and is finishing a counter trend bounce which will bring it to the $84.50 mark. That doesn’t negate the larger ABC down which will bring the dollar to the $80.00 price point. The SPX, NASDAQ and Dow will start thier correction next week, that is going to put pressure on all equites, including metals, we will let this pullback take place then step in with the buy at lower levels. There is a change of dynamic happening in the broad market which will have a short term effect on the metals market. We have hit highs in the Dow, SPX and NASDAQ with 20 % lighter volume , that is a sign that we will have a large correction soon , the Metals market had hit the highs in May with volume, that market hasn’t seen the top . I will be on Bloomberg TV January 2nd at 6:40 am est ,the Trend Watch segment , I will be going over the SPX,DOW , NASDAQ and XAU - tune in.