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That is an area of strong support I doubt we get that low. Seems if we do get a repeat of 2008 that Gold will hold up this time. Silver might get hit harder but I doubt we even make a new low under 32.50 if that were to happen. Onwards and upwards.:biggrin:
There will be no significant declines from here. We are still in the early stages of wave two, they are just bigger waves and the third wave is not the last wave unless it is a tsunami and then it will just lift us to a higher playing field.
That is an area of strong support I doubt we get that low. Seems if we do get a repeat of 2008 that Gold will hold up this time. Silver might get hit harder but I doubt we even make a new low under 32.50 if that were to happen. Onwards and upwards.:biggrin:
Yes, This is a very strong support zone. Our analysis usually is based on which experiences we had in past whether it is HISTORY REPEATS or HISTORY IS OFTEN NOT REPEATED.
There will be no significant declines from here. We are still in the early stages of wave two, they are just bigger waves and the third wave is not the last wave unless it is a tsunami and then it will just lift us to a higher playing field.
You may have seen some articles postulating that gold has entered into a new super steep uptrend. Perhaps it is about to, but our 6-year chart suggests that instead gold has arrived at the upper return line of its broad long-term uptrend channel in a massively overbought state that calls for a significant reaction, or at the very least a lengthy period of consolidation. This chart shows that it could react back to say the $1600 area without even putting a dent in its long-term bullmarket.
While the long and intermediate term action remains pretty static as far as ultimate ratings are concerned the short term seems to be in play both on the up side and the down side. Today, it seems to be more on the up side.
Trend: Gold remains within the confines of the second and third FAN trend lines. It is also bouncing above and below its short term moving average line. At the Friday close it ended above the line and the line slope remains pointing upwards.
Strength: The short term momentum indicator remains above its neutral line where it has been since early July. However, it is slightly below a still downward sloping trigger line. The move this past week by gold into new intra-day highs was met be an ever weakening momentum so we might call that a negative divergence warning.
Volume: The daily volume remains weak and the up price days seem to be on lower than normal volume action. At the Friday close the daily volume was below its short term average volume.
On the short term, at the Friday close, the rating remains BULLISH. This is still confirmed by the very short term moving average line moving above the short term line.
As for the immediate direction of least resistance, the flip of the coin suggests a lateral trend remaining within the FAN trend lines for a little bit longer.
No, your not the only one. I know so little that reading this thread is like looking at those pictures where if you stare long enough it starts to make sense but you're never really sure until someone helps you out.
However, I think that last post is suggesting that a downtrend in spot pricing is coming. The indicator that the bull may be slowing, at least for a little while, is based on the mostly sidewards moves in the pricing of recent weeks. 1806 could very well be the line that once crossed, will signal the start of that downward move in price.
If I'm anywhere near close on this, or so far out in the woods, someone let me know. I'm really trying to learn this stuff.
Also, d-lod, I really appreciate this supply of info you keep posting here.
That is an area of strong support I doubt we get that low. Seems if we do get a repeat of 2008 that Gold will hold up this time. Silver might get hit harder but I doubt we even make a new low under 32.50 if that were to happen. Onwards and upwards.:biggrin:
Sorry to reply late, but as you can see from the prices that gold went south.
1806 was level that I personally felt based on FIBO retracement and various
indicators, was the level that should have supported gold.
Breaking of that level means the correction will be completed through ABC of irregular
Wave II
No, your not the only one. I know so little that reading this thread is like looking at those pictures where if you stare long enough it starts to make sense but you're never really sure until someone helps you out.
However, I think that last post is suggesting that a downtrend in spot pricing is coming. The indicator that the bull may be slowing, at least for a little while, is based on the mostly sidewards moves in the pricing of recent weeks. 1806 could very well be the line that once crossed, will signal the start of that downward move in price.
If I'm anywhere near close on this, or so far out in the woods, someone let me know. I'm really trying to learn this stuff.
Also, d-lod, I really appreciate this supply of info you keep posting here.
Thanks for responding to Song Sung AU. You were a great expounder.
My thread has least minimum interaction from other valuable poster so I have not tried to change my writing style.
I write minimum words. secondly I have a challenge in uploading netdania charts as I do not know, how to.
With encouragement like this, I may start giving you perfect pricing that was given earlier in previous thread on gold.
It is already answered in this thread, Irregular correction is where reactive wave B make new high than the impulsive wave. So gold went to 1920, after reacting to 1702 from 1912. Here 1920 was a correction rather than a new high.
Right on Curtman, but there are lot many similarities in Wave 1 of WAVE I and III.
...........................WAVE I................................................. ...........WAVE III
Sometime it pays to think like contrarian. The wave 1 of III is going to unfold to set a new record, based on wave 1 reaction we will be looking at future prices of whole WAVE III.
It is already answered in this thread, Irregular correction is where reactive wave B make new high than the impulsive wave. So gold went to 1920, after reacting to 1702 from 1912. Here 1920 was a correction rather than a new high.
When correction takes place they are of three type, zigzag, regular and irregular correction. Right now gole is going through irregular correction. As I have mentioned in earlier post, the price of 1920 was wave b. So now gold will go through wave c which could be equivalent to a = 1702 or 1.6 or 2.6 fibo of wave a (1912 - 1702).
It is already answered in this thread, Irregular correction is where reactive wave B make new high than the impulsive wave. So gold went to 1920, after reacting to 1702 from 1912. Here 1920 was a correction rather than a new high.
So if A = C ......................... 1710
.......A = C = A x .61..............1792
.......A = C = A x 1.6..............1584
gold right now is below 1792 so second option is not valid so now it is 1584 or 1710.....take your pick
Friday's action was positive and it is entitled to stage a minor bounce early next week, as it is now not far above this important support level and the support at its rising 50-day moving average, and in addition the compression signaled by the high negative reading of the MACD histogram (blue bars) is calling for an immediate bounce. However, the now very large gap between the 50 and 200-day moving averages, which has grown larger still over the past week, continues to call for a correction below the 50-day moving average, probably to the vicinity of the 100-day moving average now at about 1624, in coming weeks. Thus, after a probable modest bounce early next week, gold is expected to break down below the support and head lower.
That is the technical support in the back of my mind, but I am watchful of world event, and changing politics. Remember EW is a repetitive in occurrence because of fear, greed and social psychology.
The longer term weekly chart also shows a major channel high may have taken place. Can the market go above this line? Of course it can. We are dealing with odds and not absolutes. However ---- odds do favor this is the normal place for gold to take a pause.
Its great that you understood those two post.:biggrin:
.............................................................................cause everyone want to save their ass............But among many poster, I am proud of my analysis, who called both Silver and Gold top:flute: