posted Dec 7, 2004 at 07:59PM
Bearish break of the 200dma
At key short-term price support levels
Technical indicators at key test points.
Again my own view is to stay away until strength reasserts itself. Gold looks a little toppy and a retest of the 430 break-out point is not out of the question.
The bearish cross relative to the moribund USD is not a good technical signal.
What defines strength? Right now I am using the 50 dma as my "go-no go" line. Getting above the 50dma would turn me bullish but I would also look for a move to new highs to confirm that a new impulse has started.
Aggressive short-term trading?...Tight stops and a keen eye for market depth to ensure bid support. I would have to see something really compelling though at this stage.