Tues Evening Gold 623.90 in Asia

Here's a 1 hr bar of gold snap shot at about 2am Eastern time. After scanning the stock charts this evening it is not looking good for the miners. Some are still trending up and staying above the 200 ma, others have rallyed to the 20 dayma and got rejected. The sellers appear to be in control but ol' Jimmy Sinclair says don't panic.

Thanks to those of you who have IM'd me, we have had some nice conversations and I look forward to meeting one who is visiting Alaska later this summer. I'm always impressed with the knowledge and experience of other traders.

That said, I took the plunge and bot some PAAS shares, and set up a short put long call on GG for a small credit. We shall see how it plays out, if we turn up here quickly I'll be a happy camper, if not I buy later in July.

Chan is out, Hoye I suspect is nibbling in here, Rick says pivots down to 600, My pivots studies are as follows...

On the up side the long term big up starting at 544.55 730.2 618.35 (ABC) yields an Entry of 643.91 (near Rick's 644 which would negate the 600 target) Pivot of 711 and Target of 804.

On the down side near term I have 580 whilst we flirt with the midway pivot of 622.72. I think we hold and move up. even if it's a counter trend rally for more down?