The second chart is an elliott count from Joe (Elliott Trader) thestudyofcycles.com
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
The second chart is an elliott count from Joe (Elliott Trader) thestudyofcycles.com
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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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