XAU getting ready to breakout?

T

tradermaji

Looking at the weekly chart, it appears that XAU is getting ready to breakout and move up.

Just my opinion. Any other thoughts?
 

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I am sure that gold will create a false breakout to shake out the weak longs before it resumes its journey northward. It is notorious for those fake moves.

Just my opinion.
 
SSSSSSSSSSSSSSSSHHHHHHHHHHHHHHHHH!!!!!!!!!!!!!!!!!!!!!!!!! Stop telling everyone.The more people that know,the more exspensive adding to any position will be,weather your buying puts or calls.
 
From a technical perspective breakouts should occur within the first 2/3 of the triangle formation, otherwise it has a higher probability of creating and fake-out and settling into a consolidation.
 
Hope this breakout is for real. However, I think it will retrace to shake out the weak longs and maybe a bear trap before it moves up. My bias is long but then got to have those stops in place.
 

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the Fed. is watching and will do anything to hammer gold prices......

Greenspan waved off the necessity for the CFTC to regulate gold derivatives, telling Congress to fear not, that the “central banks stand ready to lease gold in increasing quantities should the price rise.”

beware...................
 
looks like it was a "fakeout" in the XAU to the upside

and the commercials that bought gold in the low $600

area and scaled up selling as prices got close to $700
won this latest little skirmish with the speculators
 
Thoughts on gold for the next 4-6 months. I'm thinking gold $545-$585 then going north to $900 plus.

ASA looks like a good short $52 or $48.

Bonds run till June 11, 2007 then great short for years.
 

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