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For gold bugs. this is all in reference to GC9J. I have a multiple cycle
support at $284 and gold has been oscillating around this point for over a
month. If this level is broken the next multiple support level is between
269 and 274. This leg up has been stopped by a very short term resistance
level at 290.10 and an upside target of 291.30. This upside target doesn't
clear the near term high of 292.60. If 292.60 is taken out the high for this
move up would be about 314. There would only be a 60% probability of gold
reaching that number. There is nothing that indicates a major shift in the
direction of gold at this time. If the 314 target is reached, that would
change my opinion. Ira
Earl Adamy wrote:
> Any gold traders here with an opinion on gold? I have the a bit of a
> triangle on the weekly continuation and a very clear triangle on the June
> contract with a failed breakout attempt yesterday and close near the low.
> Opinions on whether the two recent pivot lows will hold or if we need
> another thrust to downside to setup a rally?
>
> Earl
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