Mhctader, in Piphunters defense, his chart at the time looked as if gold prices would spill over "towards the abyss". One cannot be criticized for an 8 day old forecast, knowing what is happening now. It is like being a "prophet" after the event. At any instant there are always 2 possible trend outcomes, and we all use technical analysis (filtered mostly through our subjectivity) to decipher the direction that has more probability of materializing.
Hello everyone. I wish to enter this vivacious discussion to add the following possibility for consideration. Before issuing a final verdict of further decline in the price of gold, let us consider that there are 3 potential patterns still in play (all bullish by the way), 2 three drives and a Wolfe wave.
Hello Piphunters. How the Fed decisions from now on will affect gold & dollar, that remains a big puzzle, even though both these assets are usually inversely correlated. Nothing surprises me any more, even a possible in tandem movement. As a technical analyst, I try to look at what the patterns (e.g. 3 drives, WW & EW) are telling us. I have just published a long term scenario for gold, which you might find interesting.