Replies to post #17782 on Options Wonderland

[JRP1640]

Hi Bud. I'm personally not bullish gold right now. It has lost support and is just back testing. I can see it falling back into the low to mid 800's over the next few months. I could be wrong but until I see it regain support gold goes down IMO. The VIX has lost support too. I think the DOW will have a small rally next week and go up to 13,100 area.
GLTY

$GOLD chart

[3xBuBu]

BUD, some of indicators for Gold are at extreme low and trend to bounce, but Gold chart look like a H&S chart to me, also
50dma is the current support/resistance line for a while,
it need to break this line to be positive,
another negative factor I see is 20dma on verge to cross 50dma (but not yet) that is a very bad sign, so don't stay on long side for long

[3xBuBu]

Bud, let's give
GOLD a chance, need to monitor a longer period, IMO

[3xBuBu]

Gold is itchy
to bounce from here