Thanks for the chart. Today was an interesting day for the
miners. The POG was up nicely, but many of my small miners closed
at or near their lows for the day. Maybe profit-taking in
anticipation of a pullback as your chart suggests?
That might well be part of what's going on. This rally has
certainly not been impulsive -- it's been kind of a lazy, float-up
rally. If we do form the inverse H&S that I've drawn, then the
pattern measures up to around 104, which would be a clean breakout
above the old high around 100. Maybe we would then come back for a
re-test of that breakout before going higher. I'm just spinning out
a possible scenario, but the chart I put up certainly has the
potential to evolve into a nice inverse H&S.
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Thanks for the chart. Today
A THOUGHT ON GOLD
Posted by jhsimon on 22nd of May 2009 at 04:18 pm
Thanks for the chart. Today was an interesting day for the miners. The POG was up nicely, but many of my small miners closed at or near their lows for the day. Maybe profit-taking in anticipation of a pullback as your chart suggests?
That might well be part
Posted by puma on 22nd of May 2009 at 04:48 pm
That might well be part of what's going on. This rally has certainly not been impulsive -- it's been kind of a lazy, float-up rally. If we do form the inverse H&S that I've drawn, then the pattern measures up to around 104, which would be a clean breakout above the old high around 100. Maybe we would then come back for a re-test of that breakout before going higher. I'm just spinning out a possible scenario, but the chart I put up certainly has the potential to evolve into a nice inverse H&S.