Thanks amigo, keep 'em coming, nothing is dismissed and if it is, I will provide adequate reasons as to WHY RE: Roubini: never saw the 2009 bottom coming EVEN after it came and went - right-clicked\sent to\Iraq. History tells us to avoid the future forecasts of any seer who lands a major outlier, Subsequent predictions tend to be even worse than the crowd’s. There are a slew of one-trick ponies out there.” Elaine Garzarelli, then of Shearson Lehman Brothers, predicted the stock market crash of 1987 and subsequently faded from the limelight. Analyst Meredith Whitney got it right in 2007 when she anticipated that losses on toxic mortgages would force Citigroup (C) to cut its dividend, yet the municipal bond apocalypse she warned about in a 60 Minutes interview in 2010 hasn’t come to pass.
Huge supports for Gold are the following 1280 1080 890 610 but these are monthly timeframe supports and have huge elasticity. We are still currently on the first monthly support of 1280 with a stretch in elasticity down to 1180. Failure at 1180 invokes the next one, namely 1080 Will take any reversal on 4H and go LONG
Up at the top of post I guess you mean 1180 not 1280. In any case I also only see temporary support there. Next lower temporary supports at 1112, 1044, 956 - this last one is in the range where I think Elliott Wave ABC correction completes of the whole impulsive wave that ended into all time high (Sept' 11). Time wise I think the low is months (6-12) away though.
you forgot the REAL support right down ther at $35. Traded there for a long time, price discovery you know. And yes, I pay no attn to seers like roubini, garz, granville, or Nostradamous. They just got lucky. But I do mock fanboyz, fetishists, hysterics, and others who profess to know the light and the way.
You're right once again. Mocking them is the right thing to do. They are a pain in the ass in their religious fanaticism - one fellow stopped talking to me just because I said even with losses that I felt it possible for Gold to go to $1050 or even $700. They take their worship of Gold quite seriously. My DATA supplier was intrigued as to why I wanted special Indices made and designed including data for World ETFs. I had to talk him into it and of course had to be the ONLY one to pay for individual time to put it all together that now everybody on his list gets for FREEEEEE but I'm the dummy who had to pay. I don't give a f*****k - it was important to get it and I did bust thru' fanatic walls to get it done.
The 1280 you refer to is correct and yes wee are below that level but it is the first major support that Gold encountered on its way down and is the 38.2% of the entire runup from 2001 to 2011 Your points are all valid especially the Elliottwave reference. Prechter and gang I believe are calling for wave 3 of (5) down already underway. Of course their view is the obvious triangle sideways pattern on daily that is a clear Wave (4). I've been not wanting to accept this seemingly obvious good analysis
AfterLOS stubborn stubborn - still holding the concept in the quote above as my stance and that's why I've been looking for a road to start to go LONG.