November 10, 2011 (Thu)

• Gold closed down 0.6%.
• The DMIs have crossed to the bearish side.  The ADX line is still falling, so either the retracement continues or price movement remains unclear/weak.
• Prices failed the 5-day EMA but recoiled up from the 20-day EMA.
• Quick-term momentum is now down.
• Resistance remains at 1800 and support is at 1750, and then the 20-day EMA.
• Trade for Friday: None; due to other matters this morning, could not initiate a short trade at the opportune time (midmorning), and anyways, prices bounced back strongly late session.  If a signal occurs on the primary intraday chart, then I will take it and post it within the hour.
• Currently, the best long trade would be at the 20-day EMA, and the best short trade would be a break of the 20-day EMA.  Right now it is unclear if that will happen on Friday.