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Gold on the brink – part 2

Posted by Dan on February 20, 2013

A few weeks ago we warned for a possible sudden move downwards in gold prices
Meanwhile gold has dropped more than $50/ounce and is now sitting just above $1600.
What’s next?

Here is the daily chart (click for larger image):

gold daily

The recent price action is contained within a beautiful arc formation. Last week’s drop tested the bottom of the arc (~ $1590), but is holding up so far.
If this bottom holds and prices climb back above $1670 then I would buy.
I would rate this scenario a 30% probability at the moment. This will rise to 60% probability if gold is still above $1600 by mid March.

If gold goes lower, then last year’s bottom around $1530 becomes the next major support.
The longer term weekly chart shows us what to expect if gold falls below $1530 (click for larger image):

gold weekly

Line B would be the next support trendline, currently around $1400.
Next is line A, which offers support around $1100 this year.

Good luck,
Danny

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6 Responses to “Gold on the brink – part 2”

  1. roni said

    hi
    this week I noticed when the market declined, the number 130 in the sun spot in Solar activity box
    can you tell please when there are solar storms and Value numbers Spot will go upwards? Is there any table like that moon phases in advance to track? Thanks

  2. roni said

    or to say in other words is there anydaily /weekly/monthly cycles for sunspot to see declines ? tnks

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