Users: facesincabs: sc.png

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Gold Chart update .. it finally broke an important fib fan line and price inflection point on news the trade deficit had notably declined (which was announced this morning in the pre-market) .. gold remains in a bear market from its highs near 1900 ..

Comments

ryans2u - Batting 16.34% in 2014ryans2u - Batting 16.34% in 2014
Nice chart. Looks like $1100 would be the next really big test there. Thx. 5/27/14
Tim KnightTim Knight
Maybe my goofy $1080 target will eventually come through after all. 5/27/14
HokieHokie
Thanks faces and Tim fwiw I don't think $1080 is goofy. 5/27/14
Idiot WindIdiot Wind
The real trade deficit has not declined? The interest carried on it has been temporarily and synthetically reduced. 
 
extend and pretend............................same as it ever was............. 5/27/14
facesincabsfacesincabs
thanks for the comments .. whenever I tweet this chart, goldbugs come out from the Internet's woodwork to send me hate .. overall it's been a reliable chart picture for the last 4 years .. gold can be filed (for now) as just another market bubble .. although it is not a "tulip" 5/28/14
DinkDink
"overall it's been a reliable chart picture for the last 4 years ". Please explain how this has been "reliable". There has been nothing prescient about your annotations, so how is it "reliable"? 5/28/14
facesincabsfacesincabs
I will provide two examples .. first I was able to warn in summer 2011 that gold was forming a top using this chart .. second I was to suggestion in 2012 that gold was going to drop like a rock (which it obviously did) .. I received a lot of criticism here when both those events happened (and little recognition or apologies after my chart was proven correct each time) .. 
 
I have never claimed to be prescient (that's you wording, certainly NOT MINE) .. HOWEVER the events noted on the chart have been very predictive of the pressures upon gold prices .. that makes the chart reliable from personal experience .. I have seen no one else here, on Twitter or in cyberspace that has tracked these events .. this also makes the chart more reliable .. 5/28/14
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