Friday, June 02, 2006

Friday Gold reverses in Asia overnight

Gold appears to have bottomed last night. Hidden Pivots studies showed that when we "fell off the table" (post below) the downtrend traced out a small ABC down where A=645.1 B=629.6 C=636.5 for a Target of 621, Actual Low was 620.60. Has the trend changed?

On the upside the pivots from the low of 618.35 produced a target of 636.65 whas has been surpassed however appears to be showing some resistance. Further the larger pattern on this chart also projects a target of 648.15. Perhaps next week.

Below is a daily chart of Gold for reference.



Well I wish I had not sold out of my AUY positions yesterday.... We all get shakey fingers huh...
Legging back in today. BOT some GSS this am. Lots of cash and good gains in accounts, though yesterday went from 1.92 to 1.85. Most of my movement comes from NXG and EZM where I have large positions. along with GPXM PMU

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