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Message Boards Settings Eldorado Gold Corporation (EGO) - Quote Info
Gold gaps and some technical analysis... WillieWonka...      7-Nov-09 12:28 pm    
Willie ! What up, brother...?
Well, I don't know why Yahoo won't let me leave a reply in your "Gaps" thread, so I have decided to start a new thread.

I assume you are talking about the POG jumps on Sep 2, Oct 6, and Nov 3.
I am no genius, but I do make technical analysis a healthy part of the equation, so I will give my two-cents:

IMHO, global econ fundamentals combined with the $USD/POG dynamic gives credibility that these gaps (followed by a consolidation period) are "continuation" gaps within the overall up-trend.
So, it could be interpreted that gold just went through a three-step retracement, starting back in July, that leading up to this week has resulted in the overall up-trend and the local highs.
It is technically conceivable, as in it wouldn't surprise me, to see gold pull-backk .236 -.500 (Fibonacci levels) from a local high versus that July low.
Which translates to no lower than $1000... if the pull-back were to start Monday.
So, after the next .236-.500 retrace, I believe gold could easily see yet another three to five step "continuation" to $1250... EGO and gold-related in tow.

I doubt we will see gold below $1000 again for a long time.
But, who knows, "they" were saying last year that it would be a long time before oil dropped back down under $100.

All all IMHO... and we shall certainly see !

Happy trading,
AC


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ac26xp

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Gold gaps and some technical analysis... WillieWonka...
ac26xp 7-Nov-09 12:28 pm  
 
With the health care bill done, I wish I'd had mor...
tjmorse72 Rate it 8-Nov-09 12:58 am  
 
You can say... (er, type)... that again. A...
ac26xp (1 Rating) 8-Nov-09 10:40 am  
 
"But, who knows, "they" were saying last year that...
bymyboat200... (1 Rating) 8-Nov-09 10:44 am  
 
"There is no comparison between oils top and ...
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Eldorado Gold Corp. (EGO)

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