Marketsurfer's bold gold proclamation

[erblackiv]

$gold getting very close to the hanging curve ball 920-930 range. IT short with a next day stop at the HOD on the day when it hits this range.

 

[erblackiv]

Strong MACD negative D (finally) setting up in $GOLD. A confluence of resistences at 935. The plan is to scale in at 920+ and bail on a close over 935. Good possibility for Surf's mesotophilean downdraft from there. Descending wedge support in low 600s or lower depending on how long it takes.

 

[O-3]

Watching this one too.

Looks like it has already kissed the Trendline on the Daily Chart.

 

[PohPoh]

Gold is a huge sell between 947 and 960 when it gets there...

 

[spersky]

It broke the downtrend line on the daily chart

 

[dhpar]

Quote from PohPoh:

Gold is a huge sell between 947 and 960 when it gets there...

looks like a starting bull market to me...

 

[ess1096]

Quote from spersky:

It broke the downtrend line on the daily chart

Not if you look at log charts. The trendline stopped gold in it's tracks.

 

[thomfergu]

Quote from spersky:

It broke the downtrend line on the daily chart

at this point gold can easy drop 100 points and still would be unclear which way its going on the longer time frame.

 

[thomfergu]

dollar also approaching uptrend on hourly chart it will be interesting to see what gold will do this week if dollar bounces, it was very unusual for gold to go with the dollar last week.

 

[TradeWarrior310]

Quote from PohPoh:

Gold is a huge sell between 947 and 960 when it gets there...

It call it a profit taking area, not a "huge sell".

I have my eye on that same area, it's the last fib level on the way from the fall bottom area to last spring's high.

I went long calls on AUY today, looking to take my profits up there unless it blows right through on high volume.

Still, I claim gold will make new nominal highs by March or April....maybe sooner.