Posted by dallassteve on 27th of Jan 2011 at 07:05 pm
I am thinking this could turn into a serious correction, too.
It looks overdue, in my humble opinion. I am very
bullish on gold in the long run, but I would welcome a 20% pullback
that took weeks/months to develop.
Be careful. I believe some big sellers took soem profits and we
will resume the uptrend. Last night we dipped hard and came right
back. 1310 - 1314 is a big support area. I'd be surprised if we
went below 1300 anytime soon.
I was responding to an article that was posted. By no
means am I calling the action, just showing a possibility. As
Matt and Steve say, price sets the trend! Maybe that mantra
should be plastered across the top of the website
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RE: Gold - deeper technical correction
Posted by oops1e on 27th of Jan 2011 at 05:51 pm
Enjoyed the article and it got me thinking so I put together the following chart and analysis:
Last time the price touched the 252 SMA was April 09
Currently the 252 SMA is at $1,248. This is near the 23% fib of $1,255 (from Nov 08 low of $681)
A deeper correction, of say 20%, puts price at $1,147, which aligns with Aug 2010 support and the 38% retrace of $1,145
The MACD is wide open and taking out the lows from the last 3 bottoms.
gold correction
Posted by dallassteve on 27th of Jan 2011 at 07:05 pm
I am thinking this could turn into a serious correction, too. It looks overdue, in my humble opinion. I am very bullish on gold in the long run, but I would welcome a 20% pullback that took weeks/months to develop.
Gold
Posted by philr on 28th of Jan 2011 at 08:20 am
Be careful. I believe some big sellers took soem profits and we will resume the uptrend. Last night we dipped hard and came right back. 1310 - 1314 is a big support area. I'd be surprised if we went below 1300 anytime soon.
I was responding to an
Posted by oops1e on 28th of Jan 2011 at 10:02 am
I was responding to an article that was posted. By no means am I calling the action, just showing a possibility. As Matt and Steve say, price sets the trend! Maybe that mantra should be plastered across the top of the website