A Beautiful Cluster of Gold
I see a pattern and timing for a possible low coming up in gold. Let's look at the parameters on a daily chart of gold futures. I'm using the continuous chart mostly because the Fibonacci timing work sets up beautifully on this one, and not so much on SPDR Gold Shares (GLD). It might have to do with the fact that futures were open when Hurricane Sandy hit the East Coast, but GLD was not. So let's give this a time window, give or take a couple of days. Let's start with the timing work.Gold Futures Source: QST View Chart » View in New Window »
Note that if you measure the Feb. 28 high to the May 16 low, that move lasted 55 trading days. We are currently 51 trading days down from the Oct. 5 high so far. There is some similarity here. The time projection of 55 days actually comes in on Dec. 24. Also, notice that the Oct. 5 high to the Nov. 5 low lasted 21 trading days. As of Dec. 18, we were 17 trading days down from the Nov. 23 high. The 100% time projection of those 21 days also comes in on Dec. 24....301 more words left in this article. To read them, just click below and try Real Money FREE for 14 days.
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