$1554.85...
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$1545 things arent looking good for Gold and Silver.
Yes indeed Pumice, as I type, I am reading the price of gold being $1,525.9x
Time to hit the eject button on gold me reckons~!
Did you hit the button? It seems to have responded to your post and bounced up a bit [1545 ] [Isnt it always the way]
Not just yet Skid, although I am ready to do so when deemed as the "right moment".
Am ready and close, and just need to wait for that moment.
Does anyone have any opinions on how the Iran situation would play out for gold if it hits the fan?
Its looking very tense ATM with Iran hinting they will close the straights.
It would almost certainly cause oil to rise,but lately gold has not been necessarily going up on uncertainty.
Interesting thought there Skid.
And yes, its stumped me with the uncertainty safe haven lack of buying.
I see gold has moved up to resistance again around 155x. Still got my fingers ready to sell but just dont want to get faked out just quite yet.
The DJIA is up 6% for the year and gold is up 9%, only 3% the diff. now.
Some differing oppinions regarding Gold here, healthy.
For my EWT part, a possible five wave decline finishing currently. Not such a big deal in isolation, but this 5 wave decline was preceded by a 3 wave incline which was preceded by a 3 wave decline. In EWT world that is a FLAT correction, and could be near completion.
I am not currently exposed to gold, but with a nudge in the right direction from here I will get some skin in the game.
From the textbook...
A flat correction differs from a zigzag in that the subwave sequence is 3-3-5. Since the first actionary wave (wave A) lacks suifficient downwars force to unfold into a full five waves as it does in a zigzag, the B wave reaction, not suprisingly, seems to inherit this lack of counter-trend pressure and terminates near the start of wave A. Wave C, in turn, generally terminates just slightly beyond the end of wave A rather than significantly beyond as in zigzags.
Textbook also suggests corrections terminate around probable levels, one of them being the previous wave 4.
It is also possible that this is the first 3 of a greater three, described as a combination correction. From the duration of this 3, a combination correction may take until May 2012 to complete...
In closing my EWT perspective, I note that neither of these possibilities indicate significant and immediate downside.
Thanks Kitco for the chart, seems to enlarge to readable scale if you click on the image.
V.