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Gold in 2011
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Gold in 2011

  #1 (permalink)
The fun is in the numbers
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Gold in 2011

I watch gold for trading opportunities.

With many hedge funds having moved into gold and gold being a one-way trade for the last year, the
current price action may signal that trend is coming to a close. If the uptrend is broken, then the movement of the
large funds out of gold and the retail traders in the gold EFTs could start a sharp downmove.

This weekend in reviewing the gold charts I feel the 1350 is the current support and 1320 is the next level.
If 1320 fails to hold then the sharp correction scenario may unfold.

Full view of this chart is here

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Morgan Stanley think differently:

Morgan Stanley ups gold price estimates - MarketWatch

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down to 1357.50


down to 1357.50 or lower

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breaking trendline gives 1363

The thrust move took out the resistance and its reaction took it back down to the uptrend leaving the next move unclear. If up trendline is broken then 1365 is target area (e.g. 1363).

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Great job of analyzing gold. Hit your target exactly this morning. Wish I had found your post a few minutes earlier.


Last edited by steveg; January 20th, 2011 at 11:47 AM.
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I would short gold long term, economic in europe is picking up, usa is following and asia is still strong.

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1365 support broken

Expect some fighting in the wedge area 1353 to 1345.
(could get bounce to 1355-1358 and then down?)

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I would short gold long term, economic in europe is picking up, usa is following and asia is still strong.


YouTube - buy the dip

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Link isnt working aquarian1

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argH !

Thanks Telly (I guess I was checking it while I was signed in!)

This is the link to the blog
Ian writeianatPOF's blog - Blog - Other's blog - Yahoo! Pulse
and the second article is "gold target 1365" which isn't the one I thought I had saved - oh well.

Here is the graph for "Expect some fighting in the wedge area 1353 to 1345.
(could get bounce to 1355-1358 and then down?).
Additional comment was " 1340 should offer defense line for the bulls (see daily graph with comments in blue and my zig-zag lines indicating the battle as the bulls defend the 1340 line which I meant for possible several days ahead as I drew it on a daily chart)

(I gotta get to bed earlier!!)

In any case as of this posting time the bulls have defended held the 1340 line as expected.
So to recap we had the fall to 1365. Then it fell further to the 1340 area. 1330 is the next line. It might hold longer.

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Last edited by aquarian1; January 23rd, 2011 at 03:23 AM.
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