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Nadeem
Veteran Investor
Joined: 11 Jul 2004
Posts: 639
Cash Points ££ 13955.74
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 Posted: Tue Jan 23, 2007 5:09 pm Post subject: Gold Market Update - Upside breakout likely - Options stradd |
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Subtle but important changes in recent days have substantially increased the chances of upside breakouts by gold and silver. The situation is now very finely balanced with an army of traders either sat on the fence, or, depending on which way it breaks, on the wrong side of the trade. When it does break out - and it is beginning to look like it will be to the upside, there will be a stampede and an upside breakout from here could thus easily involve a $20 - $30 up day for gold.
On the 6-year gold chart we can see how it has managed to remain above its key 300-day moving average in recent days, close to which, as can be readily seen, it has found support throughout its bull market. With the recent small Head-and-Shoulders top, which we traded successfully, having aborted, we are now able to draw in the upper blue trendline shown. The situation is now extremely technically tight, with gold also being pressured from above by the falling red trendline. Clearly, this is a situation that can be expected to force a breakout to start a new trend very soon now.
Full Article - http://www.marketoracle.co.uk/Article248.html |
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