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Gold price analysis FIN24

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6 REPLIES 6
dookie
Regular Contributor
LOL @ "If this does not strike you as fascinating (or at least interesting) you must be totally tone deaf!"
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But why does Joe only look with a microscope, and what makes him think the price will break down from the upward channel? Since March last year the gold price has been in a descending broadening formation. A breakout from this formation is usually upward (and it has broken up but needs to consolidate). Also - the inverse H&S projects to just under $1100. It will probably pull back to $900 in the short term, but technically, it looks bullish to me.
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This is the kind of analysis of coincidence that gives technical analysis a bad name...
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SimonPB
Valued Contributor
bwabwahahaha .. come on, there are as many ways to read a chart as there are charts ..
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(Just to clarify my remark, I was referring to the original article, not my esteemed fellow forumite's...)
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Aaaah. Flattery and a bit of sarcasm will get you everywhere, Timato. Simon is right - there's no absolute way to read a chart. My gripe with Joe is that he tries to call a top in a strong upward move. In the process he ignores the inverse H&S, tha fact that the price has broken upward through medium-term resistance, and that it is in a clear near-term upward channel.
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