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Thread: GOLD

  1. #481
    Senior Member ananda77's Avatar
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    Quote Originally Posted by ananda77 View Post
    ...only a decisive push above 1007 will prevent gold to abandon the 680 target

    Kind Regards
    ...after the gold counter trend rally appears to have run out of steam, only a decisive push above US$ 991 will negate gold's US$ 680 target now

    Kind Regards

  2. #482
    FEAR n GREED JBmurc's Avatar
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    Quote Originally Posted by ananda77 View Post
    ...after the gold counter trend rally appears to have run out of steam, only a decisive push above US$ 991 will negate gold's US$ 680 target now

    Kind Regards
    680 LOL more likely 1680 I know the chart says
    "With a good perspective on history, we can have a better understanding of the past and present, and thus a clear vision of the future." — Carlos Slim Helu

  3. #483
    Legend shasta's Avatar
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    Quote Originally Posted by ananda77 View Post
    ...after the gold counter trend rally appears to have run out of steam, only a decisive push above US$ 991 will negate gold's US$ 680 target now

    Kind Regards
    What are the ther potential support targets going back down, i would have thought $900, $850 & $800 would provide some comfort?

    Wasn't $US750 a major resistence/turned support?

    Can't see $US680/oz with he US & others still printing money

  4. #484
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    i think its too risky sitting on the sidelines waiting for a pullback, although gold is usually weak through june-july, it could be different this yr.
    Weekly chart showing an almost complete inverted H&S pattern
    When it goes its going to go hard and fast.
    Can't see a pullback to 680
    He who lives by the crystal ball soon learns to eat ground glass. (Edgar Fiedler)

  5. #485
    Senior Member ananda77's Avatar
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    ...entry point US$1007(+) did not happen despite an almost perfect storm around the gold market

    ...now give me US$ 991(+) for an entry

    as John Hussman mentions:

    You simply cannot have an economy lend out trillions of dollars in bad debt, and then make the lenders whole with public funds (while still facing a massive second wave of probable mortgage defaults) without destructive repercussions. There is very little chance, in my view, that the current downturn is over. We have enjoyed a nice reprieve – if over a trillion dollars in redistribution could not accomplish even a reprieve, it would be a surprise. It's clear that investors are hopeful that we can simply return to rich valuations, debt-financed economic expansion, and abnormal profit margins based on excessive leverage. From my perspective, this hope is as thin as those that we observed at the peak of the internet bubble, the housing bubble, and the profit margin peak of 2007.
    http://www.hussman.net/wmc/wmc090601.htm

    ...and although the timing is difficult to determine now, the next, even more devastating leg down is in the making right now and I think, we all know what another down leg will do to the price of gold...

    Kind Regards
    Last edited by ananda77; 06-06-2009 at 07:33 PM.

  6. #486
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    He who lives by the crystal ball soon learns to eat ground glass. (Edgar Fiedler)

  7. #487
    action-reaction arco's Avatar
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    I don't think we know for sure if gold has finished the recent up-move, but it has broken below the steep up-trend line and is currently testing it. Here is a chart looking at a scenario where it might fall back. The chart should be self explanatory and shows a possible Gartley at around 850. The more shallow green slatted line is the long term up-trend.

    I cant see it dropping much lower that 850 if its doing a retrace.

    Last edited by arco; 07-06-2009 at 04:40 PM.
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  8. #488
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    Default Nzd

    Arco
    What would happen if you charted it in NZD terms
    Running with the Bulls!!
    Go with the flow
    slimbo

  9. #489
    Member TTrader's Avatar
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    Quote Originally Posted by arco View Post
    I don't think we know for sure if gold has finished the recent up-move, but it has broken below the steep up-trend line and is currently testing it. Here is a chart looking at a scenario where it might fall back. The chart should be self explanatory and shows a possible Gartley at around 850. The more shallow green slatted line is the long term up-trend.

    I cant see it dropping much lower that 850 if its doing a retrace.

    [IMGw]http://iforce.co.nz/i/yowr5vmy.gif[/IMGw]
    I really can't see the POG going bellow 850 any time soon. Even high 800's will be pushing it, by that time I think we will see another large buy up in Asia which should hold the price.

    Gold is at the point now where it will only drop so far before we see large buys on consumer and government levels.
    Last edited by TTrader; 08-06-2009 at 05:09 PM.

  10. #490
    action-reaction arco's Avatar
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    Quote Originally Posted by srotherh View Post
    Arco
    What would happen if you charted it in NZD terms
    Action is just holding on the long term line uptrend and in an area of potential support.

    Interesting to note the MA's have crossed (Dead Cross) and are currently acting resistively. Oscillators are dithering below their centre lines.

    Could go either way at this point.

    Post the updated chart again in 7-10 days, lets see if anything has broken one way or the other.
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