Gold to 1620 this month
Saturday, December 10, 2011
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Gold hold above the 1700 level during the past two weeks because of the last intervention of the central banks .
last week ,as we noted the rate decision of the ECB dose not help the gold to rally and
get back and break below the 50.0%fibo (1920-1532) and the 100-day SMA .
the same story for the strong rally on equities on Friday "not help" .
its clear now that the investors need more liquidity before the end of this year .
I think they will continue to sell gold during this month .
the Chart below shows a perfect triangle the possibility of breaking and targeting the 200-day SMA around 1620 is high now .
i will stop out around 1755 .. more updates on my twitter page
Good Luck .
last week ,as we noted the rate decision of the ECB dose not help the gold to rally and
get back and break below the 50.0%fibo (1920-1532) and the 100-day SMA .
the same story for the strong rally on equities on Friday "not help" .
its clear now that the investors need more liquidity before the end of this year .
I think they will continue to sell gold during this month .
the Chart below shows a perfect triangle the possibility of breaking and targeting the 200-day SMA around 1620 is high now .
i will stop out around 1755 .. more updates on my twitter page
Good Luck .
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