XAU getting ready to breakout?

[NihabaAshi]

Quote from infolode:

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.

If your going to play Gold...

You also gotta monitor Oil.

Mark

 

[infolode]

Quote from NihabaAshi:

If your going to play Gold...

You also gotta monitor Oil.

Mark

Agreed, looks like oil's going to the dance with gold...waiting to see what else drops faster than a prom dress and watching the entrance for Carrie.

From the slope of the first correction it appears to be a 22% wave throughout (equities).

I believe gold and oil will correct 3-6 months then continue their bull runs. This should confuse the Hell out of alot of speculators.

Quad Witch will be telling for the first act.

 

[tradermaji]

As I had thought, gold did a head fake trying to shake the weak longs out. I am still bullish and I think it is just the correction of the zigzag pattern evident in gold. However, there seems to be a bear flag forming too... so all bets are off now. I am still bullish but will change my stance if the bear flag plays out.