Two months ago, gold broke down, or so it appeared. Gold seemed prime to plummet as it broke out of its' symmetrical triangle pattern, however there has been no follow through after this technical breakdown, instead gold has buoyed around 1200, seemingly undecided if it wants to go back up or continue its' downtrend to fresh lows. At this point in time it is a coin flip either way. I will be staying out until Gold shows us what it wants to do.
Comments
Serse
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H&S target 1000?
Ape
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Excellent chart reading Serse! I made this chart 4 months ago so an update is needed. Gold came right to my target at the top of the descending triangle. With a quick look at the charts I would say its a 60/40 chance price goes lower. A H+S can clearly be identified here. I would need to analyze this in detail to come up with a price target though for a sell off.
Patladj.
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"Dollar Storm" is in action now. NON-existent Gold and Silver shortages. Commodities taking heavy hit by the dollar. Exactly as my projection as early as March 2014. There's no flip coin. Gold price direction is clear as spring water - > down... down ...down. Markets has rarely been so clear and trending as they are now. Use it! Stop wondering.
I project Gold - $800. Silver -> $9, EUR - $0.98, DXY - 113, OIL - $35.
Personally I will buy Silver at $9, as price will be heavily oversold and Silver heavily undervalued. In fact it is undevalued now too, but will overstretch even more. Next wave of central financial planning policy dissapointment starts when Silver drops down to $9. Take advantage.
Meysam
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Tnx.Good Chart.Gold Price Will Touch 1267 In January.