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Some of my buddies from the gold forum .................Ignored
Which forum is that, please?
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Disliked...............
Some of my buddies from the gold forum .................Ignored
DislikedHello,
Interesting yet in response the view I have is as such.
1500 has not been so much as tested in the spot market for over 7 months. This vastly increases demand at said level, not only by spot traders, the the gold options market, futures, dealers, etc.
Secondly, you would have to violate and sustain a weekly channel that has been in tact tightly for the past Four years, (starting in 2008) Bullish channel was triggered after first attempts at 1000 then correction into the 700s next a breach and the level 1050 sustained sealed support...Ignored
DislikedThank you for your insight!
I don't think gold will come in near future closer than $50 to 1500 level. Regarding the longterm channel. I expect first the price to touch the upper trendline then, after the minor retracement, the major breakout to the upside at least $300+. imho only then the lower trendline will be violated. On daily chart I have a neat neowave contracting triangle with reverse alternation (b<d) which is ending soon. Take a look at bloomberg' fresh article about gold http://www.bloomberg.com/news/2012-0...mmodities.html
You...Ignored
DislikedOK Its at the top ..... moving to homepage not enough people here....Ignored
DislikedOK here we go.
It looks like you want to see a test of my Symmetrical triangle break line - which would bring us only to 1640 before renewing move higher to hit the channel top.
Now, I mentioned this in an earlier post, if there is a test and no breach -
it then becomes even more unlikely for any decline and the price should then resume rising quickly to test an anticipated channel top of 1810 in time.
Technically your area D and line is arbitrary, there need to be 2 points to draw a line that is established. If you are just speculating...Ignored
DislikedNP
I am not sure of what you are saying in the below bolded line.
There are longer term bullish Trend lines as well that come in at different ranges depending on how they are drawn and what the origin is.
I am only using the past 4 years and trading on a weekly for simple analysis.
The trend is far longer as you know.
In actuality I don't like to see the price Blow Itself out of the channel too far,
because then we usually have a semi dull corrective period back to a support.
Then buying resumes.
By your chart it seems...Ignored
DislikedOh, sorry,
I meant that price might fall to 1550 region, but 1500 level will not be tested in near future. The lines drawn are indeed ARBITRARY 'cause there's no confirmation that wave D is completed. in fact we may see 1835 (D=162% of B) before the drop. If it's the case, wave E will end in vicinity of 1650. The channel I was mentioning is weekly channel from 2008. I'm more bullish LT but do short term trading too. BTW, cool idea about DEMO for the thread's trading purposes!Ignored
DislikedI knew when I bought those coins a week or so ago the price was going to fall, it is an old joke among many that buy and stack physical metal.
(Once you pull the trigger the price falls to a more favorable buy in)
I'm not too worried, it was sitting in about a dollar or so range, perhaps the bearish move down will open up for a push back through the resistance at 34.5
Also note that she closed 18 cents above interim support at 33.00
could be considered bullish on H4 close with a spinning top left.
Price could trade light on Monday US..Price could trade light on Monday US "President's Day Bank Holiday" or get manipulated by the London Boyz / Thieves LOL
Welcome..Ignored
QuoteDislikedI meant that price might fall to 1550 region, but 1500 level will not be tested in near future. The lines drawn are indeed ARBITRARY 'cause there's no confirmation that wave D is completed. in fact we may see 1835 (D=162% of B) before the drop. If it's the case, wave E will end in vicinity of 1650. The channel I was mentioning is weekly channel from 2008. I'm more bullish LT but do short term trading too.
DislikedThanks for the welcome mate i actually am a silver stacker myself well only the last year or so and it was through this i became interested in trading so i owe a lot to silver i will fess up i was buying silver at 48 dollars an ounce thinking the sky was the limit i am glad it came down again . Now days like gold its a great safe guard against inflation and with its many industrial uses and thermal qualities should be a pretty safe long term investment well heres hoping lolIgnored
DislikedHey X, I like your demo trade idea!
I am currently watching XAU JPY with a view to entering long, based on an expectation of the Yen continuing to lose value, and gold increasing due to the many reasons that have been discussed here recently.
I believe the recent devaluation of the Yen has been partly due to BoJ continuing their intervention efforts, but also partly due to Japan's economy continuing to struggle. If Greece comes to the party and manages to broker a deal to avoid/delay defaulting, risk will be "on", so gold should increase...Ignored