Monday, August 11, 2014 9:10:59 PM
I like that. Yes, there are some technical drawn lines that really just dont work anymore,in the way price waves have moved, the manipulation of price, geopolitial pressures, its much more useful to look at a chart like this
http://stockcharts.com/c-sc/sc?s=$GOLD&p=W&yr=3&mn=0&dy=0&i=t68586208504&r=1407804564123
and just pay attention to the support /resistance levels. the weekly 200 ma is at 1500. Thats the S/R zone from the 2012 bottom area. the low zone now is the 2013 bottom area around 1200. Folks can believe the cartel will take price down to 1000, but a few hundred million Chinese and Indian buyers might have other plans. alongside their governments . and russia will not wait to see price fall that far before they buy a few hundred more tons. There must be some kind of secret agreements among these powers, to maintain a certain stability to the game of gold transfer from west to east. and if thats the case....then what we might have here shown in the chart is a Range from 1200 to 1500.....for now.
and in the middle zone is ....1350
these days now, the bollinger bottom band, currently at 1258, heading toward 1265...could become another support pivot bounce, like last time at 1240, and IF that bounce happens and propels a good looking rally, we could see new highs at 1400 and above. and from there we will get to see what the Cartel Range Cap game starts to look like. so far, they capped it downwave in the last year,1485, 1442,1392,and recently 1345..... which is the falling wedge happening. and the support point these days so far is the 1240 low.
Looking at a 15 year giant chart and trying to draw that silly line, folks do need to stop drawing that line.
http://stockcharts.com/c-sc/sc?s=$GOLD&p=W&yr=3&mn=0&dy=0&i=t68586208504&r=1407804564123
I'm watching the Bollinger bottom band at 1260
watching the slow stochastic to pull back down to the oversold zone, and looking to buy the Range Bottom ( 1260 - 1200) and ,not chase prices higher. Cartel tricks can easily fool sheeple here at the key moving averages around 1300. whipsaw down from 1325 area . lots of tricky games to fake people out . Range trading is simple if its a range. Buy the bottoms , sell the tops and do Nothing here in the middle.
....and with all the geopolitical alarm bells going off, (well reported by Jim Willie and some others)...folks who brush the current chaos aside , and want to wait for 1100,1000 gold ,or lower.... that might be naiive. Someday the buying window may close like they warn us it will. this technical chart pattern is suggesting a technical buy at 1260 or lower.
I have my technical eye on the 1220 area but willing to nibble at the bollinger band. if the Stoch is oversold.
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