Monday, November 28, 2016 3:28:27 AM
Backtesting Gold as 2006 begins...
2005 ended the year with a winter xmas rally surge to hit the Fibonacci target at 543. and immediately sold off to end the year in that topping zone, uncertain which way 2006 will go in the near future.
I would be watching carefully as 2006 begins, to see whether spot gold holds above the key shoulder support zones, or thru 2006 begins to develop a pullback that retests the 400 area again.
Here in 2006, the housing bubble was reaching its peak,the stock market was surging forward without a care in the world, ...( much like its doing still in 2016...think about that for a moment...)
so heres the next portion of the spot Gold chart to begin the first half of 2006. I'm cautious here, not looking for too much more rally,and favoring a pullback to retest the 425-400 area as the next major swing pattern.
2005 ended the year with a winter xmas rally surge to hit the Fibonacci target at 543. and immediately sold off to end the year in that topping zone, uncertain which way 2006 will go in the near future.
I would be watching carefully as 2006 begins, to see whether spot gold holds above the key shoulder support zones, or thru 2006 begins to develop a pullback that retests the 400 area again.
Here in 2006, the housing bubble was reaching its peak,the stock market was surging forward without a care in the world, ...( much like its doing still in 2016...think about that for a moment...)
so heres the next portion of the spot Gold chart to begin the first half of 2006. I'm cautious here, not looking for too much more rally,and favoring a pullback to retest the 425-400 area as the next major swing pattern.
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