Thursday, February 17, 2011

Gold: Deja Vu All Over Again

Here is a daily chart of the continuous gold contract (/GC) with a view broad enough to take in the previous intermediate cycle beginning last July 28. For now anyway, it looks to me that gold's current situation is a rerun of the early August time frame.
Click on the chart to ENLARGE
I suppose if this plays out in true deja vu fashion we could now expect gold to spend several more weeks inching up to the $1432 level, flattening out as it gets there, taking a deep breath and then once above that price level, accelerating higher with parabolic determination.

1 comment:

  1. Hi John I'm wants to say Thankyou for your advice
    On SLV , sold my call option to day gain A very
    Good returns,
    Thanks again
    Happy Trading
    Norman Tam