Gold Weekly Chart (5/3/12)

May 04, 2012 8:55 AM ETGLD
Gary Tanashian profile picture
Gary Tanashian's Blog
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Long/Short Equity, Macro, Gold

Contributor Since 2006

Gary Tanashian is proprietor of Actionable, hype-free technical, macro economic and sentiment analysis is provided in the premium market report 'Notes From the Rabbit Hole' ( Complimentary analysis and commentary is available at the public website (

Hey, anybody can blog when it's easy and not challenging. But it takes a real masochist geek weirdo to get more into it the tougher things get. You are a contrarian sort? You are a weirdo too. Don't fight it.

Weekly gold is what it is. What it is is above the green dotted line and beneath the red dotted line. The green dotted line has risen from 1570 (where it was when we first started managing it in NFTRH) to 1588 currently. What it is is in a Symmetrical Triangle. What it is is bullish until the Sym-Tri breaks down. Then it would get bearish with a lower low.

But why don't we just let the chart be the chart and stop putting all our hopes, fears and anxieties into it. Everybody's micro managing the relic now in a sort of bizarro mirror to how it was over managed last summer.

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