COMEX:GC1!   GOLD FUTURES
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Looking at gold             thru these Gann Fans, I am seeing a potential falling wedge formation. The price above is acting as new resistance and the price below is acting as old support.
ay_mickey
3 years ago
looks like my gold prediction is still on track, i would say its still got to fall, littleriver, what do you think ?
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littleriver ay_mickey
3 years ago
snapshot

Here is a look at my latest chart. I am with you.
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ay_mickey littleriver
3 years ago
i still dont know what all the lines you put on there are for, cause it doesn't work for me, how can you predict something like gold,as it hasnt been this high before, whats diamonds doing ?
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littleriver ay_mickey
3 years ago
Hey, I felt the same way at first but after seeing them applied and work time after time one becomes a believer. The horizontal lines are Fibonacci retracement lines. I have two sets on the chart. One(longer lines) is drawn from the low in 1999 to the peak in 2011. (I am using these same two points to set the Gann Fan.The large longer angled lines.) Then, I have a second set (shorter horizontal lines) from the low in 2008 to the high in 2011.(I have place a copy or clone of the original Gann fann at the low of 2008.)
Both the Fibonacci and Gann Fan are used to identify potential areas of support on the chart. Once the lines have been compromised(price falls below) they resistance(to rising stock price). The chart demonstrates this well. Currently the price of gold is resting on the light blue line of the greater Gann fan. If this line of support should fail, the yellow line of the minor Fibonacci set is next inline. This will go on until eventually the price of gold stops declining. I see these lines as lines of pain. Pain for anyone trapped at a higher price. As the price falls, they are tempted to sell and buy back later. The longer they wait the more painful it will be. At some point the selling will stop and the buying will begin again. These lines are an attempt to predict this cycle. Looking at the minor Gann, we are in the fast part of the free fall. Here is a bit more on Fibonacci.

http://stockcharts.com/school/doku.php?id=chart_school:chart_analysis:fibonacci_retracemen

Just made a quick look at diamonds. They are not fairing well either. All the earth has to offer(commodities) has taken a hit while the market climbs.
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ay_mickey
3 years ago
good point, i see your logic,
i see something else what's on the news with the USA spying on Germany, the fed reserve http://www.cnbc.com/id/100382718 , if relations fail's, this could be amassed sooner than anticipated, causing a big free fall in price, this is not a good sign, im sad for the little people, the public, that bought gold on the slid at wont be able to sell, who can afford to loose so much, they are the sheep, we are the Shepherds,
i think also looking at who is making what satellite and how many as there made out of gold, and platinum ,so hence the price goes up mmm that would be an interest to see if there is a spike when one of these satellite's is ordered, whats your thought on this ?
here iv got some other stuff that might be of interest to you, my Email address is : golf_c@ymail.com
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