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It is well enough that people of the nation do not understand our banking and monetary system, for if they did, I believe there would be a revolution before tomorrow morning. Henry Ford


Those who surrender freedom for security will not have, nor do they deserve, either one. Benjamin Franklin
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The idea that you know what is true is dangerous, for it keeps you imprisoned in the mind. It is when you do not know, that you are free to investigate. ~ Nisargadatta Maharaj

Tuesday, 9 November 2010

Gold

Every time I post a resistance level gold blasts through it,which I guess justifies my long term bullish outlook.Mistrust of fiat currencies will only grow higher in the next few years,I believe.Obviously gold is a direct play on QE/debt monetisation. and  a purer play than stocks ). Nevertheless I still feel gold is overbought and vulnerable to a shakeout,although I wouldnt personally short it.We broke through the rising wedge and the 100% Gann level on the chart below.The low was close to Gann 720 natural level so 1440 may be resistance
 The second chart is an elliott count from Joe (Elliott Trader)  thestudyofcycles.com


 




 
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1 comment:

  1. Alesund9 November 2010 at 22:07

    Thanks for the gold chart. I think the bell rang today for gold, silver, GDX, GDXJ, and SIL. Massive reversal in SLV on over 10x daily volume!

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