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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 Sentiment : Buy Rating :
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Gold gaps and some technical analysis... WillieWonka...
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ac26xp |
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7-Nov-09 12:28 pm | ||
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With the health care bill done, I wish I'd had mor...
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tjmorse72 | Rate it | 8-Nov-09 12:58 am | ||
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You can say... (er, type)... that again.
A...
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ac26xp | (1 Rating) | 8-Nov-09 10:40 am | ||
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"But, who knows, "they" were saying last year that...
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bymyboat200... | (1 Rating) | 8-Nov-09 10:44 am | ||
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"There is no comparison between oils top and ...
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ac26xp | Rate it | 8-Nov-09 10:50 am | ||
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I like it. J
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joeybmr | Rate it | 9-Nov-09 09:45 am |
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