Monday, February 14, 2011

Correction re: Gold's Daily Cycles update

Click on the chart to ENLARGE
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This morning I got to looking again at the post I did a couple days ago regarding the current situation with gold's daily cycles.
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The only way I can say this is that I GOT IT WRONG.
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MEGA APOLOGIES, TOO!
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Apparently the high price gold reached on Friday was higher than that of Tuesday.  In other words, the current daily cycle, so far, has peaked on Day 10, not Day 7.  And the important implication here is that the current daily cycle may very well end up being bullishly right translated.  Which also suggests that 1307 was indeed the bottom of the intermediate cycle correction.
Click on the chart to ENLARGE
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I offer a chart of XGLD from FreeStockCharts and $GOLD from StockCharts, with my error identified.  My ThinkorSwim software (/GC) also agrees with the chart from FreeStockCharts.
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Splitting hairs, agreed.  Anyway, this is looking more favorable for the gold bulls after all!

1 comment:

  1. thx for that, i had gold bullish yesterday on all fronts except for your analysis, which i respect and which sowed a few doubts,(I bought anyway) Thx for the candid honesty

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