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Has Gold seen a pullback this year ?

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  • PokermandudePokermandude Posts: 2,713 ✭✭✭
    The only pullback I see on the chart hit it's low in early Feb around $1310.
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  • JCMhoustonJCMhouston Posts: 5,306 ✭✭✭
    Doesn't the chart answer your question?

    I guess I don't understand the point of a poll about a pullback when the price went from 1200-1750 over the time period?
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  • mhammermanmhammerman Posts: 3,769 ✭✭✭
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  • pmcollectourpmcollectour Posts: 1,211 ✭


    << <i>Doesn't the chart answer your question?

    I guess I don't understand the point of a poll about a pullback when the price went from 1200-1750 over the time period? >>




    Just trying to gauge what people here mean by a "pullback". Seven people said NO, and two people said YES, so I see
    that there are different ideas about what a pullback is. I voted NO, but I believe that there are others here who think differently
    then me, that's why the poll.
  • roadrunnerroadrunner Posts: 28,303 ✭✭✭✭✭
    I voted yes because a consolidation accomplishes much the same as a pullback.

    Gold has had 2 very strong moves in this bull market: 2006 and 2008. On both of those gold went to 33-40% above its 200 day moving average. The Dec 2009 peak was only a
    25%. One could say the entire move from Nov 2008 is still on tap with no really parabolic blow out like in 2006 and 2008. Even this past week only took gold to 25% > 200 dma.
    It only took 2 months to correct the 2009 peak. It would seem to me that this nearly 3 yr run won't end until we see higher % peaks similar to 2006 and 2008. If not for the 2008
    commodities washout, gold has basically just done a steady grind since 2002.

    roadrunner
    Barbarous Relic No More, LSCC -GoldSeek--shadow stats--SafeHaven--321gold
  • WingsruleWingsrule Posts: 3,010 ✭✭✭✭
    We'll see 1500 before 2000, IMO.
  • roadrunnerroadrunner Posts: 28,303 ✭✭✭✭✭
    I could see gold going as low as mid-$1500's to retest the breakout of the May-June "W cup" formation. There's also a large gap in the
    $1660-$1680 range from last Sunday night that will get filled. Just a matter of whether this month, or later on down the road.
    The Feb to July uptrend line offers support at the mid-$1500's in the near future.

    But it's certainly possible for gold to run to $1900-$1999 this fall and then correct back to around $1500 in Dec/Jan/Feb.
    I'd vote for $2,000 before $1500 though. With the sovereign debt issue remaining at the forefront, I prefer to go high.

    roadrunner
    Barbarous Relic No More, LSCC -GoldSeek--shadow stats--SafeHaven--321gold
  • lightcyclerlightcycler Posts: 546 ✭
    I can't see gold having much more before a pullback being at the upper trend channel. If it blows above that long term channel. Lookout above image
  • derrybderryb Posts: 36,793 ✭✭✭✭✭
    Pullback is a closing price lower than the previous closing price. Has happened a number of times this year and will continue to exhibit pullbacks in the coming year. Sign of a healthy bull trend.

    "Interest rates, the price of money, are the most important market. And, perversely, they’re the market that’s most manipulated by the Fed." - Doug Casey

  • johnny9434johnny9434 Posts: 28,307 ✭✭✭✭✭
    no pull backs till later on in 2012. jmo
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