Gold Triple Top Price Collapse Soon!!

Discussion in 'Commodity Futures' started by jreynolds212, Dec 30, 2007.

  1. Exactly, you want to be selling when you see this kind of stuff. Remember when Giselle wanted to be paid in Euros? Market top within a few weeks. I will consider buying around 700 ish if and when I get some price/volume formations and when I see that ppl. have stop talking about gold so much.
     
    #21     Dec 31, 2007
  2. Lets do a naked chart, no indicators, no prices, just pure chart and you get one straight line to boot. Is this a bullish chart you see?
     
    #22     Dec 31, 2007

  3. yes.
     
    #23     Dec 31, 2007
  4. good call. you got gold down on one day. aren't you short GS too? i think that was up 3.

    REJOICE!
     
    #24     Dec 31, 2007
  5. edpolton

    edpolton

    Do you have anything besides rhetoric to support your analysis?

    I have been trading gold, quite successfully, for a while, and I see it a bit differently.

    I have lightened up my positions, as it is very likely that gold will pullback at least once before penetrating the highs, but new highs seem more likely then not. Fundamentals support higher prices, as do the charts.

    Anything is possible, and I'll change my position if needed, but you have offered no reason for me to reconsider.

    As confident as you are, can we assume that you are going short in a big way?

    If so, I wish you luck. I never trade against the trend.
     
    #25     Jan 1, 2008
  6. [​IMG]
     
    #26     Jan 1, 2008

  7. someone who knows what they are talking about unlike the original poster.
     
    #27     Jan 1, 2008
  8. edpolton

    edpolton

    A double/triple top is, of course, a possibility, but, gold just broke out of a symetrical triangle - usually a continuation pattern.

    If the highs are taken out, gold should see $900.

    If support around 815/820 fails, I'll change my mind. Until then, the odds favor a move up, IMO.

    Here's a chart of a possible scenario.
     
    #28     Jan 1, 2008
  9. JSSPMK

    JSSPMK

    That's what I see based on a specific daily formation, lower time frames do show a shorting opportunity, but considering that this bullish call is daily chart based, hence the opinion of a possible, potentially major, breakout.

    <img src=http://www.elitetrader.com/vb/attachment.php?s=&postid=1732401>
     
    #29     Jan 1, 2008
  10. JSSPMK

    JSSPMK

    Previously posted on Surf's journal when Gold was +/- $792.
     
    #30     Jan 1, 2008