Weekly Short Term Top for Gold...Chart Attached

[jj69]

Quote from risky63:

we'll put in a short term top in response to a strenghting dollar.
you will see higher prices later( bout 3 months)
it always takes alot longer to come about than you plan on.
the recent move up is textbook elliot..... should be a little double top , then a,b c. then higher as we go thru 72 on the usd index.
maybe mar -april.

Gold not so dollar linked as before. I say we hit new highs in Jan.

 

[Algo_Design_Kid]

Quote from harkm:

I guess what I am saying is that when you use weekly charts that are not log scale it distorts the the view. That move up in 2006 was a huge move but look how small it looks on your chart. Pan out a little further and use a log chart and the view becomes clearer. We are overbought a little but it doesn't look like the mania everybody is making it out to be.

That is true - I should have used a LOG chart to make this - I will run that and check inconsistencies

 

[Algo_Design_Kid]

Quote from Algo_Design_Kid:

That is true - I should have used a LOG chart to make this - I will run that and check inconsistencies

http://www.sierrachart.com/userimages/upload_2/1260056311_56_UploadImage.png

 

[Algo_Design_Kid]

Quote from risky63:

we'll put in a short term top in response to a strenghting dollar.
you will see higher prices later( bout 3 months)
it always takes alot longer to come about than you plan on.
the recent move up is textbook elliot..... should be a little double top , then a,b c. then higher as we go thru 72 on the usd index.
maybe mar -april.

You think we break through 72 on the dxy?

That is bold - although you could be right

 

[Algo_Design_Kid]

Well looks like we are back to 50 RSI on GLD.

Every other time in this rally this has been the rebound point - should be an interesting rest of the week, if it breaks 50 (RSI) I am guessing we see the 50 Day MA next late this week or next, and if I am as excellent as I believe I am (don't laugh ) we see the 200 ma within a few weeks

 

[timewarner2]

http://www.elitetrader.com/vb/showthread.php?s=&threadid=184878&perpage=6&pagenumber=2

 

[Algo_Design_Kid]

Quote from timewarner2:

http://www.elitetrader.com/vb/showthread.php?s=&threadid=184878&perpage=6&pagenumber=2

I am sure there are other feelings as well on the subject, although I do not think this is "it" for gold. I think the trend is your friend in this instance and there may be a great buying opportunity at around 900 +/- on gold

We will see I guess

 

[jprad]

Quote from jj69:

Gold not so dollar linked as before. I say we hit new highs in Jan.

Gold hasn't been linked to the dollar since Nixon.

But, it is repriced, twice a day, in USD, GBP and EUR by the LBMA.

 

[Diode]

Algo_Design_Kid, it seems to me that your channel lines should be drawn parallel on the log chart. Otherwise, there's not much reason to use a log chart.

 

[Algo_Design_Kid]

Quote from Diode:

Algo_Design_Kid, it seems to me that your channel lines should be drawn parallel on the log chart. Otherwise, there's not much reason to use a log chart.

There is a certain amount that allows for error with the LR - you can set it up differently but for longer timeframes I find (not too much sample data mind you) that it works better when you allow for a greater error sample