|
PureBytes Links
Trading Reference Links
|
I have thought gold bottomed also for a while. The question is has it
bottomed period, or is it a short/medium term thing. THe head and
shoulders, pattern wise is fine. Wave counts to me also suggest that a
bottom could be in. I do not like the fact that the recent drop had
strong volume though. That should not be the case in a head and
shoulders, so from that perspective, the pattern is questionable. Open
interest on the futures though has been slipping recently which better
confirms the idea that the recent drop was corrective. So, I do agree
that there is a pretty good shot that the yellow metal has bottomed. It
just might not shoot to the moon.
Steve
|