Gold

[Hoop]

The large descending triangle above should, if my TA book is correct, breakout in the direction of the original trend, which is downwards.

We should see a breakout below $1540.

Ummm..the POG trend is upwards Skol... (see chart) and the POG entered up into the triangle pattern via the bottom

Yes your TA book is correct ..descending triangles using Elliott wave discipline can exit the same way they entered into that triangle (5 waves)....the bad news is it aint a perfect world. Statistically they break downwards 64% of the time overall. See the pattern site
Worthy of a mention is the fact that descending triangles are also well known as continuation patterns...a breather (correction) during a up or down trend...

I can think of worse patterns gold could have atm... double tops, head and shoulders.....because of this I'm going to assume that this descending triangle is another continuation pattern... another Bull market correction.... unless as you say that breakout below $1540/30 happens which would bust the pattern and put the Bull in doubt.

As of now...For the short term at least POG is in a secondary swing reversal upwards

[drillfix]

Taken from a chart I am about to post in the All Ords thread in a minute.

A snipped from the gold chart support and resistance with bollinger band points as too EMA levels, which seem to always become tested and then either rejected (like John West) or Respected to break through.

At least it will show some critical levels in the short to medium term!

Gold Supports & Resistance > http://www.imageurlhost.com/images/b...wdr_GoldSR.png


Like the XAO over the past while, I think gold will trade sideways and become range bound until the cr@p sorts its self out, which there is also no reason to believe as this will happen!

Good luck and finger on the pulse whichever way the twists and turns take us~!

[elZorro]

Great chart Hoop, and it looks like it would be a good bet that the gold price heads upwards from here, with that 10-year trend. After all, the billions of euros being pulled from the Greek banks all have to go somewhere. Just a portion invested in gold bars will give the price a kick-along.

[Skol]

Great chart Hoop, and it looks like it would be a good bet that the gold price heads upwards from here, with that 10-year trend. After all, the billions of euros being pulled from the Greek banks all have to go somewhere. Just a portion invested in gold bars will give the price a kick-along.

EZ, demand for gold bars and coins fell 17% in the first quarter of 2012, so good luck with that one.

Incredible Charts says that failure of $1500 offers a target of $1200.

[lakedaemonian]

EZ, demand for gold bars and coins fell 17% in the first quarter of 2012, so good luck with that one.

Incredible Charts says that failure of $1500 offers a target of $1200.

I'm actually STUNNED gold didn't fall below $1500 as I was going to start my final buying from that point and accelerate it as it dropped......I didn't get to buy any more this time I'm afraid.

Although I'm not in any way convinced that was the gold bottom....I think it could and will retest and hopefully let me get another big taste.

Skol.....you should Google "Income Gap Trap".

I'm sure you're familiar with compound interest in a bank account.

How about how that same principal can apply to national debt?

The US is quickly reaching a go/no go point in it's effort to achieve "escape velocity" from excessive debt and it's increasing inability to grow the economy enough to generate the revenue to fund the debt/public spending.

Just like a rocket labouring to achieve orbit...and the apogee isn't quite sufficient....we get a period where it may feel like we're going to make it....until we clearly don't and start feeling a bit "warm".

Then the only choice is print our way out or burn up........possibly an additional 100% over 5-7 years.

I've read the US requires 3% average annualized REAL(not nominal) growth every year from 2010 to reach orbit.....it doesn't look like we've made it....so it doesn't look like we'll reach orbit.

The US will print......because it has failed to achieve the 3% REAL average growth it needs to avoid getting pulled down by the gravity of debt.

All the US government needs now is a convenient external excuse to blame it on.

[Skol]

Lake,

I take it you're an economist with a degree and actual exposure to the markets in your place of employment?

[Skol]

EZ,

How about an update on the gold/oil ratio.

[lakedaemonian]

Lake,

I take it you're an economist with a degree and actual exposure to the markets in your place of employment?

Not that it matters, my educational background includes attending an Ivy League business school.

Not that it matters, my exposure to markets in a work environment includes experience working for 3 Global Top 50 brands in manufacturing/logistics/distribution/finance across 10 countries as best I can recall before I went my own way and travel/experience since for work/fun covering many more since.

Not that it matters, because they don't teach this stuff at either.

I'd trade in my entire education and work history for some more access to Jim Rogers and Eric Jantszen.

I owe those two guys millions for helping me to develop my own perspective....and not in the figurative sense.

Do you know much about mainstream economic thought?

Do you know it's OK to be wrong ALL THE TIME in mainstream economic thought...as long as you don't stray from the herd......if the herd is wrong it's OK, because you're safe....everyone was wrong again.

If you stray to far from the herd.....you're only allowed to be wrong once....and you also stop being a frequent guest, or even a guest at all on financial propaganda like CNBC.

The herd is wrong....yet again.

If I had listened to the herd I would have been killed in the dot com crash, the property bubble pop, and the equity crash.

I managed to dodge those bullets where had I listened to conventional economic thought I would have been the victim of a financial firing squad.

If I had listened to you and put my money in the equities market simply compare the performance between the following 3 over the last 10 years:

S&P
DJIA
Gold

S&P + DJIA trading sideways for a decade

Gold is up 250-300%

Gold has also outperformed the S&P and DJIA by double since the day you started this thread....so it's not looking goof for ya mate!

Hell, even if I HAD just sat on the sidelines and dipped my toe in a bit here and there I STILL could have been fleeced by the likes of JOhn Corzine's MF Global...customer accounts stolen to the tune of $1.5 billion and Corzine is SAFE, because he's a former US Senator, former Governor, former CEO of JP Morgan, and current major fundraising bundler for President Obama.

THE.......GAME.....IS.....RIGGED and if you don't know who the sucker is, it's you.

PLEASE promise to stay on this forum and thread for the next couple of years to take your beatings as they continue to comes.

Also, it's not too late for you to move away from the herd......there's a financial markets abattoir up the road don't you know.

I'll post if I pick up any more on a final purchase spree with the expected dip......otherwise.....see ya down the track!

[Skol]

I've got it, you've attended the Jim Rogers Goldbug University, with a degree awarded by Jim Rickards, Rick Rule and the Aden Sisters.

Hahahha, what a laugh, an 'online' expert, attending the the postgraduate course at Kingworld News.

5 days ago Jim Rogers said that gold could go down 40-50% and he had his gold hedged.


2 days ago Jim Rogers said own real assets like gold.

Lake, you're the sucker, if the game's rigged and you're playing, say no more! You remind me of the 'experts' who've been telling us we're running out of oil, right here on Sharetrader, oil's going to the moon, $400 a barrell.

LOL

The party's over, one of the biggest bubbles in history has popped and you're too dim to realise it.

[elZorro]

Skol, found this chart site, also has the dow-gold ratio.

http://www.thumbcharts.com/101801/Gold-to-Oil-Ratio Note increasing trend last 2-3 years.

Lake - always find your posts very interesting.