Chart Boys, Opinions on Support level for Gold on a Pullback?

COINB0Y

What is the price you consider is a 'Must-Hold-Support Level', or its broken?

$950 ish?

cohodk

$1200

jmski52

This guy's a pretty good chartist:

Clive Maund

jmski52

Of course, cohodk can hold his own as well.

MoneyLA

Im thinking $1,000 but you can't pinpoint an exact point to the penny (or to the dollar) because charts seldom are "exact."

But $1,000 I think is important psychologically as well as technically.

Im hoping that if we do test 1,000 that it holds. If it doesnt hold there could be some serious damage.

Im still hoping that we have seen the end of this sell off.

website article updated.

COINB0Y

<< <i>$1200 >>



LOL, I didn't ask resistance, I opine'd on support.

RedTiger

Choose A or B
A) If the market is heavily manipulated, as many seem to believe, then any must hold support level is like the Easter Bunny. The manipulators will take it out, and all the stop-loss orders at that level with it, and only then start a painful rally after many of the momentum players have been stopped out and reversed to the short side.

If the market isn't being manipulated, 1000 on spot will likely hold, at least as far as two consecutive closes on London spot.

cohodk

<< <i>

<< <i>$1200 >>



LOL, I didn't ask resistance, I opine'd on support. >>




The market "supporters" ran it to $1200, then they ran fast.

But I think you are asking at what price does supply equal demand. Or perhaps, at what price would an investor/speculator feel comfortable buying gold.

Read the trading thread and I think you will find many opinions.

BBN

I think $1,000 holds, but I also think $1100 will hold by the end of 2010.

DimeAdozen

I consider $1000 is a 'Must-Hold-Support Level'

roadrunner

$600-$625 if one takes the uptrend line from gold 2002-2005. If this is ever taken out the gold bull is probably dead. This option assumes the C leg of a 2+ years ABC correction has just begun.

$860 if one takes the uptrend line from gold 2005-2008 using the October 2008 low.

$950 if one takes the uptrend line from gold 2005-2009 but cuts off part of the oversold area in fall 2008 and fairs it through the remaining bottoms. This is the one I think is the must hold even though as MLA said, busting through $1000-$1025 would surely not be good for shorter term. I suspect support will hold at something above $1020.

roadrunner

MoneyLA

Im going to fine tune my "critical support line" to agree with roadrunner for the price at about 1020. I think if we do have more selling, 1020 would represent a good critical level to watch for. but a move to 1000 would also keep the short term bull alive.

Justacommeman

1030-1040 area...............and I would be surprised if it's taken out on a two day close. MJ