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Gold's move to $1,642/oz. - the highest price since early May - catches the eye of the...

Gold's move to $1,642/oz. - the highest price since early May - catches the eye of the technicians as what  was though to be a bearish triangle has been resolved ... to the upside. GLD +1.2%.
Comments (20)
  • 8/21/12
    1:00EST
    12:56EST
    Gold:
    8/16/12
    Gold: (December)
    previous update:
    12:49EST
    Gold: (December contract)
    The bearish bias has not been changed to neutral as previously updated
    Only in the event 1625.50 is achieved does the bias possibly change and only a daily close at 1620.20 or higher changes the bias from bearish to neutral (it’s a confirmation)
    Then a daily close at 1623.90 or higher possibly changes the bias from neutral to bullish; a daily close at 1626.00 changes the bias from neutral to bullish (confirmation)and as such means we’re heading up (as previously updated)
    Currently we’re on or near several key pivots (short term)
    Previous update
    8/3/12
    Gold: (December) Gold
    Up to 1700/1720; expect a decent pullback at 1651.30
    Gold: (December contract)
    my gold method of trading terms are strictly based on range not time; as such a now term move is 0 to 19.99 the immediate term range is from 20.00 to 39.99; then the short term move is 39.99 to 79.99; intermediate term move is from 79.99 to 149.99 – this is how gold trades within a structured range.
    Gold is infinite; there are no time frames only price range
    NOW: Currently gold is bullish we reached 1643.60; expect a key pullback at 1651.30
    21 Aug 2012, 01:40 PM Reply Like
  • watch it sail past $1660 to get to $1700+
    21 Aug 2012, 01:51 PM Reply Like
  • johnbee, I like your thinking... and tend to agree. We'll see. (Ain't this fun?!?!)
    21 Aug 2012, 02:16 PM Reply Like
  • lets see Spanish or Greek bonds...California Munis....CD´s...Money market funds......I´ll take gold and silver please
    21 Aug 2012, 01:46 PM Reply Like
  • only after a pullback at 1651.30
    21 Aug 2012, 01:53 PM Reply Like
  • Agreed on the 1651.30. Buy on the dips (and dont sell on the rips) Hold physical :)
    21 Aug 2012, 02:02 PM Reply Like
  • I'll take short, mid, and long-term profits in gold and silver, thank you very much.

     

    Wait for your pull-back if you want; I'm not "all in" yet, but am making nice profits today alone. We're just getting started on this latest run, short-lived though it may be (for now).
    21 Aug 2012, 02:15 PM Reply Like
  • this move up is corrective..as such profit much be taken in accordance
    21 Aug 2012, 02:18 PM Reply Like
  • I added to my position in the junior B2Gold (BTO) . The company projects a near tripling of production by 2015 source http://bit.ly/MWC1hH
    21 Aug 2012, 02:43 PM Reply Like
  • Im 100% with Stan on this one.
    21 Aug 2012, 04:15 PM Reply Like
  • Look into NUGT
    21 Aug 2012, 07:04 PM Reply Like
  • This was not a bearish triangle. Whether symmetrical or ascending, this was bullish all along.
    21 Aug 2012, 07:36 PM Reply Like
  • I agree with Peter. Looks like a bullish triangle
    22 Aug 2012, 12:42 AM Reply Like
  • If gold is flying, why is CHPGF, a Canadian junior tanking? I think it is being shorted. O
    Anyone else out there with an opinion on this, please post your thoughts.

     

    Thanks
    21 Aug 2012, 09:40 PM Reply Like
  • Gold: (December) not reaching 1644.50 will induce a dip back down to 1618.90; after further review we may not get the pullback at 1651.30 and instead head straight up to 1661.50
    21 Aug 2012, 10:07 PM Reply Like
  • Technicians are going to have varying thoughts on this development. I believe the triangle pattern is a short term secondary indicator largely unimportant, just my opinion! I like the bigger picture. Gold was in a downtrend in Q4 2011 finding support at $150 (GLD). That support level has been challenged successfully several times. What we have now is basing between $150 & $160 resistance. I also like gold here but, would become more bullish with a breakout over $160 on volume. Also not at that point the 50 Day would cross back over the 200 Day, another bullish sign. We could be on the cusp of something significant.

     

    Long GLD & SGOL
    21 Aug 2012, 10:09 PM Reply Like
  • My post above......Second to last sentence should read: Also note at that point the 50 Day.........
    21 Aug 2012, 10:14 PM Reply Like
  • In a democracy where people can vote themselves more money, gold is a solid holding.
    22 Aug 2012, 02:31 AM Reply Like
  • gold is rising, not based on triangles but on hopes for the upcoming Jackson Hole Conference. If that disappoints which I think it will then gold will dip again. But only for a short while. There are too many upcoming problems to keep it down for long - the fiscal cliff, possible war with Iran, inflation, deflation fears and the inevitable money printing worldwide.
    22 Aug 2012, 05:05 AM Reply Like
  • solarcircle..........

     

    Agreed. And for the gold bears it is very difficult to develop a realistic scenario that is negative for gold long term.
    22 Aug 2012, 07:40 PM Reply Like
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