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Re: [RT] Spot Gold



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just another view with some straight lines.
 
price is building a a-b-c or 123 bottom ( yellow lines) with the first higher low.
green fork is in control and saw yesterday a re-test of the upsloping mlh ( long setup)
down fork ( gold ) is broken.
as long as price don't break below the green mlh we have a long setup.
target is ma50 or medianline. next entry trigger can be the last swing high.
 
carsten
----- Original Message -----
From: Ira
Sent: Wednesday, May 14, 2008 8:32 PM
Subject: Re: [RT] Spot Gold

gold is nothing more than a translation for the buying power of the dollar.  If you really want to see where gold is going look at the dollar chart.  Everyone is looking for the demise of gold.  It is down a big 10%.  There is currently downside pressure being applied to gold and yet price hasn't been able to take out the previous low.  Price has hit the entry price for a move higher with a price objective of 920.  That move is in force until 845 is hit.  that is the only thing that will void that move higher.  The entry price for a down move has been hit so an exit from a long position would be called for.  If you want to get short us a put and control your risk. 
 
On the long term chart I have support at 834 and a target price for a down move at 773 and there is downside pressure being applied to that chart also.  If anyone thinks that the inflationary spiral is over they had better do some more research.  The commodity boom is not over yet.  It may be a little long in the tooth, but watch out, it can still bite you.
Is the bull market back in gold?  Only time will tell.
 
Just one man's opinion.
 



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