Anyone care to offer an opinion on the current technical posture of Gold? Is the bullish pennant spoken of by the pundits in tact or has recent price action yet invalidated that pattern formation?
By "Pundit" do you mean Guy Adami, since he is the only one I have heard who thinks gold has formed a penant? Your question needs a timeframe. Gold is in both an uptrend and a downtrend depending on your timeframe. There are plenty of posts in this forum on gold's technicals, take some time to read them. But for now know that since March 2008, gold has been making lower highs and lower lows.
I have heard others describe the current formation as a penant, but I frankly don't see it as the market has not really consolidated over the last 9 months, 6 months or 3 months; the range gets broader unless $700 is firm support. The downward trending formation has expanded. I was simply trying to evoke a response from those with bullish technical readings in gold or those who wished to discredit such readings. Your question needs a timeframe. Gold is in both an uptrend and a downtrend depending on your timeframe.[/QUOTE] My time frame is open to whatever anyone would like to comment on. As with any market that floats without a government fix, time frame is an obvious variable to be considered. Technical analysis does not only examine a market's past; it also helps us create an evaluative framework of likely future action. There are plenty of posts in this forum on gold's technicals, take some time to read them. But for now know that since March 2008, gold has been making lower highs and lower lows. [/QUOTE] I do know and understand that there are many posts on the technicals of gold. I initiated this thread in the "forum" to hear, or more ideally see, how participants within this specific thread interpret the current technical posture of gold. I was, and still am, hoping to inspire a crafty and thoughtful technician among us to put up a fancy chart with a bunch of lines that can be examined, interpreted, and discussed. If you would like to participate in that sort of discussion, I'd be glad to listen. I am starting this thread with the intent and purpose of focusing on a technical examination of gold. I am not interested in sorting through other threads as this is not an exercise in research, but a forum of discussion. I am trying to narrow the scope of that discussion to the technicals.
You seem upset I was not trying to insult your thread but was sincerely pointing you to other threads that have already been started on the subject and contain valuable info on Gold's technicals. Every now and then someone with 6 posts at ET thinks they have a great idea and try to start another gold thread without bothering to read all of the other good ones already out there. Is it really neccessary to keep starting new threads on the exact same subject? Here is an example of a good one (even thought marketsurfers "bold gold prediction" seems to have stolen the audience for the time being) ........................ .......................PaulRon Registered: Dec 2007 Posts: 694 05-18-08 12:31 PM I wanted to create a thread purely for gold's action.................................................................................................................................................................................................................................................................................................................... I hope this thread will allow discussion based solely around gold's price action and movement. http://www.elitetrader.com/vb/showthread.php?s=&threadid=127353