Ekk...

This was a necessary correction. We should welcome it, its healthy for the gold market. Nothing goes straight up, remember that. Straight up moves are reserved for the short term in bear market rallies, as things generally fall downwards in the long term. Likewise, the opposite is true in bull markets. This was a correction I expected for a while to occur (although not quite as volatile) for the last few days, but I did begin to doubt it was coming. Not to hide my head in the sand to obviousness, of course, but gold was due for some long overdue gains, and I, like a lot of people, began to think things just weren't quite done yet. If your down some money today, your not alone.

I will reiterate; this is a buying week!!! Whether we fall further to support in the 940's or we take off again from here is not important. The one, and you will be "down" some money for only a few days. DAYS!! The other and you make back your losses in a few days. Why sell out now when the end result for the month is is higher prices than you have seen in years? Emotions and markets don't mix. This is a brain game. Don't get scared. I will not promise you much but $1000 an ounce for gold by the end of June is one of them. But what if you buy now and things go south some more? Then your in the same situation every investor has found himself in many many times before. If any one told you you can make a steady income doing this, my friend, you've been "had". If you buy now and things go down, OK. Your still down less than those of us who bought in yesterday. But if you wait to buy later expecting a further decrease, you may not get it, and if you then try to get frantic and buy in on an up move, that's getting emotional... greed... "Gotta make some money! Can't miss it! Here and now, today!" He who hesitates is lost. I can assure you, you will make money, when the day for making money comes, but that day was not today.

The dollar is just off of it's high. If it is to rise any more it's next logical move would be to 79.80 I expected the support at 79.50 area but when it plummeted far beyond this a began looking for further support. I didn't expect a return to this region. It's good to get surprised every once in a while it keeps us human. However a give on this would bring us back to 79.25 area and then to 79.05 so we'll have to see. I'm not making any calls for tomorrow, at least as of yet. Check back through the day's trading, if something serious looks like it's about to happen, I will not hold out on you.

Pick your self off the floor my friends, what's done is done. Tomorrow will be another day...

-J