NEW PEAKS

[samuel-a]

i learned alot out of this fine forum, and like to give some back.
i don't know how do you sell you gold and silver, but i'm guessing your eyes are allwayes on the spot.

as we talk the spot of gold reaching new peaks, here is some technical chart of it:
we got a kind of a pattern which called "price convergence" (sideways triangle on the chart).

by breakthrough out of the top side of the triangle gives us now new destination for the price - 1110, which is not far from achievement.
the fierst destination (1110) wiil be also the fierst resistance point i which i'll suggest to sell large amounts that are in your possession (not all).
you would expact that the price will rach that point and back off down.

the immediate support stand on 1032.5, in case of a downfall in prices underneath this level, i'll' also suggest to sell any amount that you have in order not to loose more profits.

GOOD LUCK TO YOU ALL FROM SAMUEL

 

[patnor1011]

I know what you are talking about as I worked as analyst for some company trading with comodities way back when gold was trading at 330-350$. Most people here are hobyists so I dont think that they will speculate with gold price movements in short term. However somebody is making good money now and will make some more in near future but we dont know if that resist point will not be breached as there are lots of uncertainities in market. Economic situation is not improving, there is unrest in most of parts of world and stability and future of us $ is not looking good. My opinion is that 1110 is not very strong point of resistance.

 

[samuel-a]

i hope so

cous i'm long on the gold with cover options

 

[samuel-a]

The gold spot has reached the destination

let's see from here...

 

[Barren Realms 007]

Cool a couple of chartologists around. Keep em coming.

I don't think that 1110 resistance is going to hold tho. Definetly on a break out. Whats the next resistance level?

 

[samuel-a]

well Barren , nice to know you are intrested.

it's hard for me to see yeat again another movment upward after this last one.
my educated guess will be that we gonna see a correction down to 1070$ or even 1025$, this will not change the overall picture, which is an up trend.

i'm adding a weekly chart which will show the extended destinations for the next few month period.
we can clearly see an upside down "head and shoulders" pattern, which is bullish pattern, with peak destination at 1305$.
because we are dealing with new peaks i'll use datum-point which determined by Fibonacci ruler tools on the way to 1305$, when each one can become a resistance or support level when the time will come.

 

[Barren Realms 007]

It will be nicew to watch the run up. Just hope it dosen't crash like oil did. Too bad we can't have a chart that stays current.

 

[Harold_V]

It will be nicew to watch the run up. Just hope it dosen't crash like oil did.

That might be a good thing. Don't forget that the ounce still weighs 480 grains. The high cost of gold, at least right now, is a direct reflection on the loss of value of the dollar. It takes more of your worthless dollars to buy that ounce.

How well I remember 3¢ first class postage, and a new Cadillac Coupe De Ville selling for $6,000. Gold, then, was $35/ounce.

Harold

 

[samuel-a]

not direct and immidiet ratio... but generally you are correct... on the long run.

my point is, the if one produced 2 ounce two month ego or three month ego, he has a capital earning without his money loosing so much of it's value.....

 

[patnor1011]

well his point was that it is nice to get thousand bucks for ounce of gold the question is what are they worth these times. my friend came to ireland in 2004. he was working hard and save most of his money. he exchanged all his euros to $ in a bank when he was leaving. he was strong believer in us currency. just about now he lost close to 50% of his savings. :roll:

 

[samuel-a]

Damn... this one is raiding fast upward...

and this is the chance to make money that is was talking about... the gold is going up much more then the USD going down...
or if you look at it in a different ponit of view, how much inflation was in the past 2.5 weeks? i don't know, but for sure less then the 130-150$ (the movment up in gold for the last 2.5 weeks)

good luck all
SAMUEL

 

[samuel-a]

Look Down :mrgreen: