Gold made an ABCD against previously posted bearish area.

last chance for qqq

Low so far is 53.25. Like I said... The lines and other stuff here where it hit is simply amazing.

Originally posted by jimkane

Well, like I mentioned, this area extends down to about 52. If they don't pick it up in there, it may head to the key level at just under 1600. I think they will have lots of 'news flashes' that will snap it up hard, though. We'll see. It's some exciting stuff. Hard for me to get to bed...

My 'guess' is that unless they come up with a resolution rumor (or solution) this is not done. It 'should' bounce here, but I'm not sure it will.

close enough

Big pop. I know this is at a key area, but news/rumor now about the ongoing debacle?

All I know is 'they' want it to be all about long right now.

The behavior here after this pop is a little 'odd'.

Based on one aspect of my work, this shouldn't really get too far off the floor today. But, the strength of this area is strong, too. Still, that aspect usually doesn't 'fail'.

And there's the strong roll over. Let's see if they pick it up here or not.

Interesting article, but I'm mostly posting it as a reference for this one quote.

"Iceland went through a similar deflationary event to that risked in the US today when its banking system collapsed and the currency halved overnight."

Now, wait, during a deflation their currency got cut in half? No, hold up, wait, all I've ever heard is that during a deflation cash is king, it's super rare, and its buying power increases. Yeah, uh-huh, that's what really happens in the real world. My money gets me more stuff. Uh-huh. Deflation and less buying power. Makes sense.

http://www.zerohedge.com/news/2013-10-12/gold-debt-ceiling-and-fed