Targets

[Fredsed]

Breakout of Symmetrical Targets. 01-Dec-2010 MNI SPOT GOLD TECHS: Breakout of Symmetrical Triangle Targets $1477 RES 4: $1424.00 Nov 9 record high RES 3: $1414.8/1417.8 Daily Bollinger top, Nov 11 high RES 2: $1410/1410.3 Nov 10 & 8 highs RES 1: $1398/1400/1402 Nov 17 Chan top, Psych level, 78.6% of $1424/1330 CURRENT LEVEL: $1396.80 SUP 1: $1381.2/1381.6 Nov 24 & 23 highs SUP 2: $1377.00 Former 50% Fibonacci of $1424/1330 SUP 3: $1374.3/1374.5 21-DMA, Former symmetrical triangle top, 5-DMA SUP 4: $1365.9 Former 38.2% Fibonaci of $1424/1330 COMMENTARY: Break of symmetrical triangle pattern yesterday re-establishes bull trend as most daily studies also point higher, measured move target around $1477. RSI, however, is neutral. Today, gold broke through the 50% Fibonacci of $1424/1330 at $1388.10 and threatens the 78.6% level at $1401.80. Ahead of that, resistance seen as the Nov 17 channel top at $1398.20.

[Fredsed]

R/$ 50% retrace of 6,76 - 7.177 = 6,97 Currency move is pacing ahead for now, GLD looks to bottom out during this phase. OMO

[#3]

Fredsed:Yeah, I'm tapping in at GLD R93.40 as a new Buy-in area..and all the way down down to R90 support ( if it gets there.).The staggered buy-in approach.Cheers for the targets,mate !I believe $1650 by end-Jan 2011 is quite possible.Just looking at the price of Credit Default Swaps on European Govt bonds gives one a HUGE heads-up...they saved Ireland. Now Spain,Portugal,Italy.The whole system is falling in on itself. Gold will rocket.Stock mkts too.Just careful of the wobblies and whoopsies!.Nice day,all.

[Fredsed]

COMMENTARY: Gold is struggling to retain upward momentum following breakout of symmetrical triangle with momentum now showing bear divergence. However, gold remains towards the top of Nov 17 channel uptrend and RSI and stochastics still bullish. Initial res seen as yesterday's high at $1396.80. Initial support seen as Nov 24 & 23 highs around E1381. Further key support seen as the 21 & 5-DMAs at $1374/1377

[Fredsed]

Did someone place a large order for a stronger Rand?

[#6]

Fredsed: Do you have access to real-time Rand/Dollar charts ? I use www.randforecasts.co.za...they're ElliottWavers.

[Fredsed]

Using internaxx platform, it helps.

[Fredsed]

Friday a.m.: MNI Spot Gold Techs: Momentum turns bullish once again, after showing bear divergence yesterday. RSI and stochastics also point higher. Also noted was a golden-cross of the 5 & 21-DMAs with the 5-DMA now initial support at $1383.50. Key resistance seen around the psychological level of $1400, with the 78.6% Fibonacci of $1424/1330 and the Nov 17 channel top also adding weight around the $1402 and $1404 areas, respectively. Current: $1392.30 Rand/$ paces ahead after local bourse close, maybe a liquidity issue but not much rebound yet due to ongoing inflows. I expect action will be just before and then mainly after the local close, so I will pack it in and see again next week.

[#9]

Decided.Tapping in with a 2000 cfd Long atR94.Got my first 1000. a R3 move back to R96.99 quite possible.

[Russ]

Looks like 93 is the support of the GLD channel.By then will be getting oversold.I think you could have waited this time,Zarp.Maybe you waited a bit too long with AMS.It was seriously oversold already when it started moving up.Live and learn.

[#11]

Russ: You're right(in retrospect)...I plugged an AMS Buy at 651.Missed by R9....it happens I suppose.The Zarp is rather conservative in his 'old age'.(heh)Live to fight another day.

[#12]

Rand is now on a Point and Figure SELL signal.Support at 7.20 Gold is on a BUY.Resistance at...wait for it...$1610.GLD is going to rock this world in Dec 2010.Tremendous Asian buying.New York Gold-bullies are getting their Shorts burned systematically.GOOD !

[#13]

And...I'll pop another 2000 GLD cfd at R94.10 and grin and bear it.Position-sizing intact.Target R101.