russ.browne.52
Long

Gold support and bull flag

COMEX:GC1!   GOLD FUTURES
313 2 4
update on previous chart, this chart has nice symmetry, stockcharts.com's pnf             is projecting 1440 now, a summer rally should go up and test the crash gaps from last spring. After this summer Gold             will most likely start down again going into Martin Armstrong's pi cycle peak of 2015.75 , Armstrong is looking for 800-1000 area before the final bottom and then at least 5000 gold             going into the last part of this decade.
Dear Russ

As I confess to be very ignorant in trading, how do you interpret the second-last big red candle? Do you think that those are short positioned burned, and now we're ready to go long?
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russ.browne.52 jaybaps1967
jaybaps.... who knows what the shorts are doing, you would have to access some long/short data, commercials tend to be right more than the public or speculators. This is just a technical chart, another useful thing to look at is the advance/decline ratio of the xau index, look for divergences and trend line breaches, can be seen on my blog here... http://marketvisions.blogspot.ca/2013/05/xau-advance-decline-chart.html
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