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FOREX & FUTURES day & swing trader.
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  • Gold for Bears: Time to Short to 1050 4 comments
    Aug 31, 2010 4:11 PM | about stocks: GLD, SLV

    Quick introduction: Charting the gold's bear market, long term charts here
    Last daily update: here


    I have been waiting all this time for gold to complete the full channel move that now seem to be reached it's top. The channel I have found in July looks good and it is followed almost perfectly. It also resulted to be much wider, so we have been trading past month in the first half of it.



    On the daily we don't have the top, neither on the weekly or monthly, the top right now is only seen on the channel. So I think gold won't make it about 1250 , or 1252.50 and wednesday or thursday it has to reverse the trend.
    I also want to point on a short term rising wedge and a long term expanding wedge, those are bearish patterns.
    Medium term gold is going to 1050, and long term (by the end year) it is going to 700 because such rising wedge on the monthly is very bearish.
    If strong bounce of the channel is confirmed I expect it to do an A-B-C move to 1050 rather quickly.


    Disclosure: Short gold and silver
    Stocks: GLD, SLV
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Comments (4)
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  • justin_3d
    , contributor
    Comments (313) | Send Message
     
    hmmm let's see what happens.

     

    I think since gold hit 1,250 it might take a brake. I think it could come down to 1,200....but not sure how much more lowered then that.

     

    And def. if it don't come down from 1,250 this week, then it's poise to make higher gains.
    31 Aug 2010, 04:41 PM Reply Like
  • ker.nulov@gmail.com
    , contributor
    Comments (662) | Send Message
     
    Author’s reply » i have measured the second subchannel length, and it is only 2 pixels wider. we have a promising down candle on the daily now so i am still waiting for the long term downtrend to begin. silver can go up to a maximum of 20.20 and then all the rallies should be over, the dollar should go to 97.50 and everything selling off until the end of november.
    4 Sep 2010, 07:44 AM Reply Like
  • justin_3d
    , contributor
    Comments (313) | Send Message
     
    hmmmm

     

    I don't agree with you just yet on the long term downtrend.
    My first target is 1,225. After that goes, my next target is 1,209.
    I think 1,209 will be the perfect target and after that, should take of to new highs.

     

    Sorry men, but until i see something else, we are still on a bull market with gold here!
    4 Sep 2010, 10:46 AM Reply Like
  • Analyste de Boston
    , contributor
    Comments (1361) | Send Message
     
    "Medium term gold is going to 1050, and long term (by the end year) it is going to 700 because such rising wedge on the monthly is very bearish."

     

    As I've said said elsewhere (mid-summer 2010) this is simply chartist rubbish. Gold ended 2010 at .... $1,420., literally DOUBLE this author's absurd prediction.

     

    Chartist musings can, on occasion, be somewhat informative. This one, not so much.
    3 Jan 2011, 04:43 PM Reply Like
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