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Archive for 20/12/2009
The next move
20/12/2009 by Philinje.
Gold may have bottomed for now, or it may bottom this week. Projections for this decline range from $1030 to $1090. So far we hit $1095.
If we get to $1030, then the Rosen scenario is especially valid, and that would mean a subsequent high below $1227, the recent peak and all-time high. On the other hand, if gold stays above $1070, the next high could be $1300 or so, the projection from the reverse head and shoulders pattern. While a significant decline could follow a peak at this higher level, it would possibly not be as extreme as the $650 target Rosen is focused on.
The next high could be in late January - early February. So let’s see how high it goes.
Two articles by Clive Maund summarize a number of the points made here recently:
http://www.clivemaund.com/article.php?art_id=68
http://www.clivemaund.com/article.php?art_id=67
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