Actually it was touched briefly yesterday night. But from technical point of view, it should be retested; before a counter-trend rally starts. JM2C
On a serious note, one aggregate thread for price action and TA would be nice for genuine discussion, is there an old thread we can revive?
Yea Leon. Appreciate your insights but would be great if you could just create one master thread. At least it lets people subscribe to it. Just sayin'!
Some consensus would be nice if someone wants to start a new thread or resurrect an old one This one looks timeless http://forums.silverstackers.com/topic-57942-vomiting-camel-formation.html Yes its a silly thread, but I am being serious
That I'm not sure A rally I think we will get, for how long and how far, I don't know. Of course, these are all just personal opinions!
There is no rally coming anytime soon. The GFC caused panic and bubbles . The bottom will overshoot, just like the top. Look for gold $750 ish before settling in at $900 for the next decade.
$750? lol. I think those days are gone & that ship has sailed. While I can agree it may under-shoot...I don't see it blasting below $900/oz. I would expect a crisis rally happens before we see $750. The GSR will eventually come down - but I don't think it be from gold dropping another 30%.
Well of course here in Oz the price quoted in US$ is only part of the equation. At the current exchange rate of US$/0.7409AU$ gives your prediction Oz gold at $1444/ozt. I drop of 2% (currently at AU$1467) assuming the exchange rate is pegged. The AU$ being a commodity driven currency typically experiences a synchronised slide with gold and therefore little change in AU$ terms. What would be your counter rally target assuming your information is well advised?
For gold in US$, bounce target shouldn't be higher than 1,130 (remember the gap down?); which means the counter rally might start from 1,050 which Goldman Sachs predicted last year. Indeed 80 US$ is not that much, because after that we will see new low ahead; below 1,000 US$ for sure.
Breaking that 1130 level was pretty devastating and I'm sure there are plenty of bag holders who where buying that area of support, will have to see what happens when price gets back to that area
When I saw the retail shortage news, I just know lower low is definitely ahead. Since when retail investor can catch the bottom?
Been lurking the forum during these rangebound last few months, and have consistently derived wry amusement from the number of threads entitled "GOLD COULD HIT [+- $20 from current spot] IN NEXT FEW DAYS"
