Well crap. Either jump off that cliff

Weiss

so we can buy a few more shovels full, or soar. I'm tired of this ////////// stuff

rgCoinGuy

Wouldn't this time of the year probably have something to do with more limited trading?

Konahead

Patience my son! slow and steady wins the race!

gsa1fan

Dang, we hitting a pretty steep slide down! $1,091

doh

Ugh...looks to be cliff jumping today...

BBN

I hate it too, but you know what I've noticed with the roller coaster. With each bumps seems to have come a permenant floor. At one time, just a few months ago I didn't think we would be above $900 for good. That appears(emphasize "appears") to be the case. Then with this last run up over $1200 there very well could be a permenant floor at $1,000. The best one could probably do is get it at these dips which I believe we're on one now with current spot at $1,083 as I type.

CaptHenway

<< <i>so we can buy a few more shovels full, or soar. I'm tired of this ////////// stuff >>




Be careful what you ask for..........

MoneyLA

as you all know, I said the breakout at 980 was the "real thing" and the reverse head and shoulders pattern at the 1000 level would carry us to 1300.

now, it doesnt look good.

I put a warning on my website.

it is a big negative that we closed under 1,100 and this opens the door to a test of 1000 and even 980. Im not saying that WILL happen Im just saying it could happen.

if we do test 1000 and survive the test, this market could come roaring back.

If we break 1000 in a meaningful way, severe damage will be done.

BBN

I'll throw my best prediction out there. We'll reach a permenant floor of at least $1,100 in 2010. All of this govt' spending will start to take its toll.

Justacommeman

I'm not one for predictions but I am a betting man.

$1039 seems like a great place for a floor.

China.

MJ

roadrunner

I generally concur. $1040-$1050 range satisfies multiple requirements:

-India's 200 ton acquistion price
-The area of the 19 month neckline that looks to get retested
-Keeps gold above the initial first leg of the move up at around 1025
-Washes out a lot of the newbies who entered at $1050-$1200
-Not low enough to allow all those who failed to get on by the upper $900's to get back on.
-Keeps above the previous all time high of $1033
-Lower trend line from Nov 2008 bottom is current pointing at $1050

This was the basic point we discussed following gold's initial breakout. A lot of people would enter at higher numbers expecting a sure thing to $1300-$1500. Well it's only a "sure" thing if they hang around for a while.

The possibility of the C wave of a 2 year correction taking gold all the way back to $650 is still out there. Getting to $1225 did nothing to remove this option....at least not yet.

And the most bullish option still remaining is keeping above the $1071 peak assuming that was the first leg up a larger 3rd wave. That would mean a 5th and final leg up in the larger 3rd wave that would take gold to $1300.

roadrunner

DimeAdozen

You should buy but with a little patience