Gold, Oil & Indices (Equity & Bond Indices)

an interesting article
http://www.ibtimes.com/articles/20100728/energy-report-wednesday-july-28.htm

gold. Support: - 1558.80 and 1152.12(main). Break of the latter will give 1144.46, where a correction is possible. Then 1137.25, where a correction is also possible. Be there a strong impulse, we would see 1131.70. Continuation will bring 1126.41.

Resistance: - 1170.00 and 1182.30(main), where a correction may happen. Break would bring 1198.13, where a correction may also happen. Then follows 1203.80. Be there a strong impulse, wed see 1215.00. Continuation would bring 122263.

i am short gold at 1165 looking for 1150 and more downside will emerge in the coming days according to Elliot Wave Analysis

@Rim Crude has failed to breach and hold above it's 61.8% retracement level of 79.5

We could be in for some big doin's in gold.

Last week, it seemed as if bulls and bears were merely trading punches as spot metal vacillated between $1,200 and $1,180. Despite the apparent draw, some real damage was done to gold's momentum.

Bullion ended the week as it startedwith short selling. Friday's short selling, though, was a lot more aggressive. Open interest shot up by nearly 20,000 contracts on Friday as prices sank. The buildup replaced the contracts that had been offloaded when shorts covered their midweek bets. In other words, a whole new wave of short-sellers came to the market Friday.

The move came after money managers liquidated long positions to a level not seen since April 2009. The Money Manager Strength Index fell below 90 last week as 9 percent of portfolio runners closed out long gold positions. The index measures the bullishness of managed gold futures on a scale of 1-100. The index had been topping out in the high 90's for months.
http://www.hardassetsinvestor.com/component/content/article/3/2246-gold-shootout-at-the-24k-corral.html