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Subject:  Re: Gold - Updated TA Date:  5/16/2012  10:47 AM
Author:  MDCigan Number:  41071 of 41568

Although I do not at all subscribe to technical analysis <I call it reading chicken entrails, for good reason> there are fundamental factors at work providing for a Bearish Fundamental backdrop to the Market for Gold.

Ehhhh..whatever works for someone. The break of 1600 was a slam dunk, and covered my short at 1535. Wish I could get easy technical setups like that each week. So far bouncing exactly where one would expect in that 1525-1535 range...up to 1549 right now. Now you just watch and wait. The thing most people never can grasp is that technical analysis isn't about predicting the next 2-3 days, or week's price action exactly right. It's about identifying price inflection points where the probabilities are shifted massively in your favor. The break of 1600 was one such point. The next would be a downside break below 1525. That would be the next high probability short setup.

But if someone feels better thinking it is chicken wishbones...more power to em.
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