gold daily charts

  1. 10,605 Posts.
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    Notice gold moved to screw those who went long on Friday.

    imo though I agree it bounced nicely of the 50 day MA it still has not quite completed a full retrace - there is still 1% more below the recent low at $347. Maybe I'm being too picky but lets see.

    Most gold stocks still seem to have some way to go to complete what appears to be technical consolidations.

    My guess therefore is that gold will not bounce anywhere near as quickly as we would all like it to - markets never do do what you hope - so it will probably float about this level and slightly lower until the last of the exhausted short term longs exit and all the traders trying to pick the bounce get fed up with getting stiffed.

    Then I reckon it will take off.

    I'm thinking of those gold experts that have talked about how gold would break this level and then that level, never mentioning that todays prices would be revisited. I don't reckon they are wrong, just expecting it all to happen too fast.

    Just my thoughts. What do others think?
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