Replies to post #79565 on ajtj99's Market Pulse

[ajtj99]

Chainik, Gold looks like it has as much a chance of hitting $338 as it does $1,000 right now.

That finger stick on the monthly Gold chart suggests the yellar stuff could be screwed for the next 1-2 years.

The current formation targets $535 or so, which would in turn set up a H&S top with $535 as the neckline. The implied target is that $338 area:

http://stockcharts.com/h-sc/ui?s=$gold&p=M&en=&id=p78371750342

That's in line of my expectation for anything shiny to correct in a big way the next year.

It's the Natural Gas chart circa 2006, and we know how bubbles re-trace.