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by Ashraf Laidi
Posted: Feb 22, 2010 5:00
Comments: 8936
Posted: Feb 22, 2010 5:00
Comments: 8936
Forum Topic:
Gold, Oil & Indices (Equity & Bond Indices)
Discuss Gold, Oil & Indices (Equity & Bond Indices)
Technical Commentary
A risk aversion induced rally in the USD has put significant downward
pressure on gold. The metal dropped rapidly through several layers
Gold has started the month off on a firmer footing at current 1648.
September was a rough month for the metal falling from 1920 to 1538
before staging the current bounce. The 38.2% of the drop is 1684 so we
expect selling at this level. The key pivot remains 1704, while below this
level there is a risk of a drop down to Double Top target of 1488.
Yes, getting stopped out is part of trading in this market.
I didnt hear you using bad words on this forum when we hit our targets 6/6 over the past 2 days.
Have the decency to acknowledge these simple facts.
Ashraf