Posted 28 November 2010 - 11:58 AM
stops were triggered today, I'm out.
NO BS
Senor
Senor BS:
Nice "probe" - NO HARM NO FOUL! Next week should be telling as USD has reached potential reversal range 80-81. Looks to me as though we may move though that range in an impulsive manner, which could lead to a deeper correction for the PM's. Time will tell!
stubaby
many hombres looking for a finale grande blow off move norte in gold and silver, but maybe grande surprise is they are done and big drop ahead. Senor does not know, gold could be putting in a right shoulder, caution warranted.
BSing away
Senor
I'm looking for one last correction before the blowoff move begins into next year. It should begin soon...for now, I would look for a break below $1350 as a sign that it's getting underway.
While gold will likely go under $1300 on the correction I speak of, I do not expect it to go lower than $1240 at worst, and the low of the correction will likely come sometime in December. It's the same low John (SilentOne) is awaiting, actually.
I should also mention that although I said the correction should begin "soon", by that I mean within the next two weeks...so gold could easily head higher several days yet.
The key is to watch for previous support level being broken as a sign that the correction has begun...right now I would say that's $1350, but of course it will increase as gold heads higher.
As I said, once it does get underway, I think we will see a low below $1300 (but at or above $1240, at worst).
Just my opinion.
"Our job is not to predict where the market will go, but to interpret daily price and volume action to ascertain the facts of the current environment and make decisions based on that interpretation."
-Scott O'Neil (son of William O'Neil), Portfolio Manager at O’Neil Data Systems, when asked where the Dow would go in the coming months