Posted by marketguy on 10th of Mar 2011 at 11:14 pm
interesting piece from Bespoke....
After once again trading to a new all-time high last week, the
price of gold has seen a notable pullback over the last few
days and is now trading back below its highs from last year.
When the metal pulled back at the start of the year, a
lot of chart watchers were calling it a triple-top.
The pullback was short-lived, however, and by last week it
looked like gold bulls were going to have the last laugh when new
highs were once again made. No sooner than they could pop the
champagne, though, gold has broken right through that former
resistance line. While the comparison isn't perfect, gold's
pattern is beginning to look a lot like an arcane chart
pattern referred to as
three peaks
and a domed house (see chart below).
apart from the study, I have been shorting Silver and Gold
heavily and its simply because 1) They are overbought technically
and some neg div is creeping in, 2) Dollar strengthening and 3) Geo
political factors overdone
Of course, if we get a major equities sell off, we will see
liquidation in all instruments . Its just the way its happened
before and it will happen again
At the end of Dec, BPT suggested the SPY was following that same
pattern with the dome peak on track for April 11. Curious if the
SPY is still tracking that arcane pattern?
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Gold....
Posted by marketguy on 10th of Mar 2011 at 11:14 pm
interesting piece from Bespoke....
After once again trading to a new all-time high last week, the price of gold has seen a notable pullback over the last few days and is now trading back below its highs from last year. When the metal pulled back at the start of the year, a lot of chart watchers were calling it a triple-top.
The pullback was short-lived, however, and by last week it looked like gold bulls were going to have the last laugh when new highs were once again made. No sooner than they could pop the champagne, though, gold has broken right through that former resistance line. While the comparison isn't perfect, gold's pattern is beginning to look a lot like an arcane chart pattern referred to as three peaks and a domed house (see chart below).
apart from the study, I
Posted by vimal on 11th of Mar 2011 at 02:50 am
apart from the study, I have been shorting Silver and Gold heavily and its simply because 1) They are overbought technically and some neg div is creeping in, 2) Dollar strengthening and 3) Geo political factors overdone
Of course, if we get a major equities sell off, we will see liquidation in all instruments . Its just the way its happened before and it will happen again
At the end of Dec,
Posted by sethbru on 11th of Mar 2011 at 01:31 am
At the end of Dec, BPT suggested the SPY was following that same pattern with the dome peak on track for April 11. Curious if the SPY is still tracking that arcane pattern?