Gold Outlook..

[squidkid]

Well today we got the correction i've been waiting for. And we should test the last magor breakout.

Here's a post of my thoughts from another board. I'd like to continue the thread here and get input from others....


"2 possibilities for gold short-term

It's all about that breakout at 430
If that breakout was a "true" breakout then we should expect a hard and fast test of this level, then continue forward.
Which is what it looks like today. But one day doesn't make a trend.

On the other hand, if that breakout was "false".( A breakout designed to trap public investors into over hyped gold stocks) Then the 430 area will fail as support
And we'd have to find a new bottom.
It'll mean that short-term gold's "correction phase" will still be in control.
I could also see this as a strong possibility. For various reasons.

Gold got way over hyped recently
The USD got completely nuts on.
Both signs of over speculation, which should require a nice correction.

Do I think this will last very long? No, not really..but possibley into '05 if this is the case.

Longer term. Gold is going way up
USD way down.
Anyone that tells us otherwise if either lying or a fool.

Peace

Squ1dk1d
Dec 08 2004

[squidkid]

Actually, now that i've read it over a few times..

Gold's corrective phase could continue if 430 held as support, and we just formed a trading range. Not breaking our recent highs.
This would form the handle we need aswell and the 430-460 range would become floor for our next upleg.

We'll see

Peace

[squidkid]

Here are a couple charts

Gold contracts short term
stockcharts.com/gallery?$gold
The weekly clearly shows the importance of the 430 area

Gold contract Long term
cbs.markethingych.com/tools/quotes/intchart.asp?siteid=mktw&submitted=true&intflavor=advanced&symb=38099902&origurl=%2Ftools%2Fquotes%2Fadvanced.asp&time=20&freq=1&startdate=&enddate=&hiddenTrue=&comp=Enter+Symbol%28s%29%3A&compidx=aaaaa%7E0&compind=aaaaa%7E0&uf=7168&ma=1&maval=50&lf=1&lf2=4&lf3=0&type=2&size=1&optstyle=1013

Notice the huge cup

Peace

[squidkid]

Bah, the chart wont work.

It's from cbsmarket watch

Here's another. Forgive some of the writing, this isn't my chart. But it shows gold's history

www.investorshub.com/boards/read_msg.asp?message_id=4619323