Friday, August 12, 2011

Gold’s Luck Is About To Run Out

Gold hit $1805 tonight in trading, a Fibonacci Fractal figure I gave out a few weeks ago as a possible top. We are close to a near term high in Gold and Investors should be trimming back positions on this run. Back as recently as $1600 an ounce I forecasted a run to $1805 for Gold using fractal and wave analysis and behavioral patterns, now that we hit that figure it’s time to update the cycle and where we are.

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Gold’s Three Push Divergences Into 1800

Intraday traders had a great example of the “Three Push” pattern complete with multi-swing negative divergences into an overhead “Round Number” resistance level in Gold.

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Game, Set & Match For Gold
I have been waiting for confirmation on the daily chart of Gold from the True Strength Index (TSI) indicator and minutes ago I got it. If gold should bounce back up to new highs, which is always a possibility, it will likely give a additional negative divergence SELL signal. But more likely, once the parabola pops, it pops.

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