by Bill Downey     Price Analysis of Gold and Silver
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Technical Analysis Trading Gold, Trading Silver/ analysis By Bill Downey providing key turning points & charts for investors and speculators in Precious Metals Trading, and Precious Metals Markets

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Bill Downey, of Gold Trends.net, LLC, is an Independent Investment Analyst with over twenty years of study. YOU SHOULD NOT TAKE ANY MATERIAL posted on this WEBSITE AS RECOMMENDATIONS TO BUY OR SELL GOLD OR ANY OTHER INVESTMENT VEHICLE LISTED. Do your own due diligence. No one knows tomorrow's price or circumstance. The author intends to portray his thoughts and ideas on the subject which may s be used as a tool for the reader. GoldTrends does not accept responsibility for being incorrect in its speculations on market trend or key turning points that it may discuss since they are at best a calculated analysis based on historical price observations.

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Gold is acting normal during this pullback

10 Dec 2011 3:14 PM | Bill Downey (Administrator)

Gold is arriving at a long term time and price point. The 26 week cycle is coming due in February. 2009 and 2010 provided a February low for the year. But it isn't always like that. Sometimes it produces a high. But if you'll notice, It's usually a MAJOR TURN POINT FOR THE YEAR. The last liquidity squeeze produced a Feb high and six month consolidation. Is that our scenario this year? Wouldn't a six month pause after a February high confuse the masses? On the other hand, wouldn't a February high also confuse the masses? 2012 might be just what the market is not expecting in the timing department. Either way our strategy will adjust. A Feb low at the Chinese new year will have us look for another rally as we saw in 2009 and 2010. A February high will have us looking for a major consolidation.

From a price standpoint the turn point is right where the upper gold channel line and the lower blue dotted momentum channel line meet. IF we close below this area -- odds will favor a major low in February. If price can hold this area near 1600, then the potential for a February high will still remain a potential for this year. The 1628-1649 area will be where the long term channel lines meet. If there's a test to the downside, that's the most likely spot to watch.

Gold Weekly Price Chart and Channel lines with Support and Resistance


Technical Analysis :: Gold & Silver

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