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  • Gold for Bears: Last chance to short for 430 2 comments
    Nov 30, 2011 4:04 PM | about stocks: GLD, SLV, GOLD

    This is a daily update on my long term gold projection to 430 target.

    gold daily

    The basic reasoning behind current gold retracement from 1666 to 1750 is:
    1. Rush to cover shorts ahead of month's end
    2. Suck more bulls into bull trap

    Past 4 weeks in gold is a bearish formation, with first candles marking the top and last 2 candles trend confirmation. This week market rallied and today it is stopped right at the resistance. There is no much upside left here. According to the channel alignment, we made a double hit, so there shouldn't be a triple hit because there is no such top pattern as triple hit. A gap must be left and market should continue the downtrend. According to resistance/support rules, we are right at the resistance, so it is a short signal for traders who trade ranges. Today's close is also 61.8% retracement from the 1800 level, which I account as second wave within major third wave with target to around 660 level.

    So, considering the technicals, market sort of giving a gift here, for bears. This is how the weekly looks right now:
    gold weekly now
    and this is how I visualize the close:

    gold weekly expected
    Next month will start in a few hours, and if it doesn't have much upside at the beginning, it has many chances to be a strong down month until 30 of December.

    Silver looks much bearish than gold:
    silver weekly

    If the week closes down as I expect, by the end of the month it can end at 19.

    Stocks: GLD, SLV, GOLD
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  • winningtrader
    , contributor
    Comments (2459) | Send Message
    wow ... how clueless can you be?
    30 Nov 2011, 07:16 PM Reply Like
    , contributor
    Comments (664) | Send Message
    Author’s reply » yes. but even the most clueless trader in the world can have an opinion! (and it must be respected)
    30 Nov 2011, 07:59 PM Reply Like
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