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I can't disagree with your basic premise that gold may be close to a bottom.
Given the 20 year lows and its 14 year corrective pattern it should be a
great buy. My monthly chart is marked with end of 5 in 85 and an ABC
correction which still looks incomplete - maybe the recent lows are a D and
we get a rally to E at trendline. At any rate, I can't figure out how to
make any money with the turkey until demand spikes. My suspicion of a
triggering event would be that the dollar falls into disgrace when market
does its final swan dive and all of the currencies so recently pegged to the
dollar are yanked loose.
Earl
----- Original Message -----
From: Stig Olausson <olausson@xxxxxxxxxxxxx>
To: RealTraders Discussion Group <realtraders@xxxxxxxxxxxxxx>
Sent: Tuesday, May 25, 1999 12:31 AM
Subject: MKT: GOLD1
>
> With the risk of boring you to death, I just have to post a monthly
> GOLDchart Ihave been playing around with.
>
> Beside all the other fib price relationships we find that the 78.6%
> retracement of the $104 to $873 bullmarket is 268.6.
> The 78,6% retracement level has time and time again proved to be a VERY
> importand support
> level. Perhaps because it's the LAST (before 100+ retracement) support if
> we are to se higher prices.
>
> Please also note the time relationsships from the important pivots since
> 1976.
>
> My next post got some Astrostuff, so please delete if you think it's
> garage...
> Stig
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