Gold Triple Top Price Collapse Soon!!

Quote from FerdinandAlx:

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Contrarian indicator?
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Exactly, you want to be selling when you see this kind of stuff. Remember when Giselle wanted to be paid in Euros? Market top within a few weeks. I will consider buying around 700 ish if and when I get some price/volume formations and when I see that ppl. have stop talking about gold so much.
 
Quote from jreynolds212:

Lets do a naked chart, no indicators, no prices, just pure chart and you get one straight line to boot. Is this a bullish chart you see?
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yes.
 
Quote from jreynolds212:

I love it when a prediction comes true!!!! Down with the yellow stuff!!! Down ye gold!!!
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good call. you got gold down on one day. aren't you short GS too? i think that was up 3.

REJOICE!
 
Quote from jreynolds212:

What says you Elitefaders!!! Gold dumping down today by 4 bits!!

Dont walk away from this thread silent. I want answers from you now. Your mattress loaded full of gold bullion and ready for the world to end.

This is for those who want to listen, learn and believe. Gold is headed for a MAJOR price collapse. I cant say this any stronger. Lets do it in caps. GOLD IS HEADED FOR A MAJOR PRICE COLLAPSE!!!

The price collapse is hear, its now...Lets hear from the peanut gallery who has their mattress stuffed with gold bullion.

Bend over and lemmmeee hear ya! GOOLLLDDDD!!!! BWAAAHHH!!!!
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Do you have anything besides rhetoric to support your analysis?

I have been trading gold, quite successfully, for a while, and I see it a bit differently.

I have lightened up my positions, as it is very likely that gold will pullback at least once before penetrating the highs, but new highs seem more likely then not. Fundamentals support higher prices, as do the charts.

Anything is possible, and I'll change my position if needed, but you have offered no reason for me to reconsider.

As confident as you are, can we assume that you are going short in a big way?

If so, I wish you luck. I never trade against the trend.
 
Quote from edpolton:

Do you have anything besides rhetoric to support your analysis?

I have been trading gold, quite successfully, for a while, and I see it a bit differently.

I have lightened up my positions, as it is very likely that gold will pullback at least once before penetrating the highs, but new highs seem more likely then not. Fundamentals support higher prices, as do the charts.

Anything is possible, and I'll change my position if needed, but you have offered no reason for me to reconsider.

As confident as you are, can we assume that you are going short in a big way?

If so, I wish you luck. I never trade against the trend.
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someone who knows what they are talking about unlike the original poster.
 
A double/triple top is, of course, a possibility, but, gold just broke out of a symetrical triangle - usually a continuation pattern.

If the highs are taken out, gold should see $900.

If support around 815/820 fails, I'll change my mind. Until then, the odds favor a move up, IMO.

Here's a chart of a possible scenario.
 

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That's what I see based on a specific daily formation, lower time frames do show a shorting opportunity, but considering that this bullish call is daily chart based, hence the opinion of a possible, potentially major, breakout.

<img src=http://www.elitetrader.com/vb/attachment.php?s=&postid=1732401>
 

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