Gold

A longer term perspective showing the ongoing interplay between the 4 year uptrend and the triangular pause of this trend that was created after an euphoric "overthrow" top in the yellow metal during the summer of 2011.

As the chart shows, the next several weeks should provide the answers as to whether the late summer rally of this year was the start of another sequence higher by holding trend line support, or was it a rally failure to where a significant topping structure is now in place.

Stay tuned.

Fib

at the very least, is suspect sometime in the next 6 months or so, that latter theory will be severly suggested THANKS

Second time I've succumbed to redrawing one of Fib's charts, and his labels can apply here. This is the GLD etf rather than spot. Log scale suggests a slightly different positioning of the channel, and I've included a couple of additional lines. But the premise remains the same, and the possibilities don't need any elaboration from me. -- Alton

Edited by Alton, 29 October 2012 - 11:06 AM.

just for clarification, so are you saying a pullback here means the final top is in place? thanks dharma