Guest Submission: Ten Year Technical Chart on Gold Suggests Possible Retest of $1300 an oz.

February 10, 2012 | By Tekoa Da Silva | 2 Comments

The following gold chart has been submitted by Juan Edwardo Morales Veas of moneygreedandfear.com. According to his work, gold may potentially retest the $1300 an oz. level. In looking at his chart, the big question remains—what financial market events would need to occur in order for gold to see a sell-off of such magnitude?

(click to enlarge)

What are your thoughts on 2012′s direction in gold? Please share below!

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Tekoa

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Comments

2 Comments so far

Scott Wolf on February 12, 2012 10:28 pm
Wishful thinking,but I completely disagree this article.Algorithms or Fibonacci waves,etc are inconsequential in a world of interest free monopoly money absent the division of labor.

Nothing would make me happier than to see another PM smashdown like those that occurred in May and September of last year.I would simply buy much more!Unfortuantely,any correction will not be the result of scientific calculation and market trends-these things have been rendered useless when you consider the bond/derivatives fraud and monopoly money sloshing around in world markets-but as a result of another carefully planned and executed event designed to delay the inevitable movement into REAL MONEY.
Raymond Ng on February 15, 2012 1:48 am
From the chart, it seems like June may be the month this happens. I would continue purchasing, though in smaller quantities, saving some cash in the event $1,300 happens.

Plan B – If the low is not met, use the extra cash to buy silver.