Wednesday, 7 August 2013

Nice little blip upwards to make poetry on the gold chart 2013-08-07 2107 UK time (BST)

In my previous posts
I mentioned the possible new bearish trend. Well, there is a chance RIGHT NOW for gold to make a wonderfully poetic move on the chart, straight to $1180 and straight to a key channel parallel that has been an important low point twice before during this terrible downmove since early April.
Longer term, the red parallel has seen important lows during this downtrend and has been key support. It's the last stop-off before the channel bottom occupied by the two previous crash lows:

Oh, poetry!! Too poetic to happen?

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