"every day since the beginning of march gold has failed to close above its 50 ema on the daily chart. on commodities i consider the 50 ema to be the grand daddy so unless and until it closes above i personally won't be long of this metal."

David Fuller's view Thanks for sharing your methodology. I have never met a successful trader who did not have his or her own favourite guidelines, presumably established by observation, experimentation and results.

Here is a daily chart of gold with a 50-day MA. It remains very much rangebound and this is likely to continue for a while.

( See also my comments on gold in yesterday's item - "Some consequences of current monetary policy", also referred to at the end of Email 3.)