Breakdown in Gold is imminent!

Discussion in 'Metal Futures' started by flipside21, May 8, 2012.

  1. Gold could easily break down at least $100/ou from 1,627 to 1,527 in the next week.
  2. AK100


    Gold could also get people short and stop the early longs out below $1612 and then look to challange the $1800 level.

    Not saying it's going to happen but we must factor in the duality if/when $1612 is broken.
  3. hopefully gold goes to .0001 cents per oz so i can buy every ounce in the world... but if it even gets half way there i'd love to put my entire net worth into it anywhere under 1k/oz

    i don't know if anyone remembers the bing search -> ebay -> paypal thing where it rebated 20% up to 200$ / purchase.... man i bought enough gold on e-bay that i instantly sold to cash out and just pocket the rebate.... if only i'd just held that gold i was getting it all something like 860/oz
  4. zdreg


    it will never happen because there are too many dumb_mother(s)around who think exactly the same way.
  5. so when (if) rather than hitting 1k / oz gold hits 10k/oz what do you think the gold/silver ratio will be? unless gold gets pegged at some arbitrary 100:1 ratio i think it'll get much closer to 10:1. why buy gold when you can buy silver which is still at almost half of nominal highs let along inflation adjusted....
  6. Jgills


    because, silver is not gold.
  7. ============
    Mother, happy Moms day early!!;
    I dont realy have have a ratio opinion.I have several ratio opinions in 2 of my Bibles, but those footnotes are not really Gods Word......

    Because silver is not gold,
    because silver is in a good downtrend[if you like buying silver,SLV @$30],
    you may really like it @ 25 or less:D .

    And because some like to sell downtrendsl; not buy much in downtrends:cool: Wisdom is profitable to direct, not a prediction.
  8. Follow Rothschild.
    They've been dumping gold.
  9. DB3


    Torsion field, one reason would be that perhaps the charts are starting to tell us that (maybe) deflation is being priced in more than inflation at this point. I think we're still waiting on that verdict, but the charts will help us know. A possible breakdown of a multi year bull trend can be pretty informative.
  10. A combination of reasons.
    Daily Gold chart was already forming a wedge pattern, which suggested an impending breakout. As noted by AK100, there was support at 1612 price level, but the duration of the consolidation (~ 6 weeks) suggested a bigger move. One usually can expect price to move by the width of the previous consolidation. At the time I posted, gold had already broken minor support and was in a mini-consolidation zone. Read Peter Brandt for commodity chart pattern analysis.

    In terms of direction, the Dollar had been strengthening recently and post Greek elections. Also, oil had been declining past days, which put pressure on the entire commodity complex. Then, the Fed is playing coy about QE3 and gold traders have repeated had expectations dashed. All this made gold primed to decline. Just my opinion. I'm wrong a lot too.

    Also, fyi, I'm not a professional trader.
    #10     May 9, 2012