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Politics : Welcome to Slider's Dugout
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To: SliderOnTheBlack who wrote (3474)11/8/2006 11:16:46 AM
From: RonMerks   of 50729
 
Interesting gold chart.

Market Stands at Line in the Sand

By Alan Farley
RealMoney.com Contributor
11/7/2006 7:44 AM EST
Click here for more stories by Alan Farley



The gold recovery in particular has captured everyone's interest. streetTracks Gold Shares (GLD - commentary - Cramer's Take) rose almost 5% last week in its best performance in several months. Unfortunately, the 2006 chart for the popular instrument doesn't show a clear-cut path to higher prices.

Note the broad triangle carved out since the May high at $72.76. This pattern shows five waves, which often precede a sharp move higher or lower. However, the sharp downward angle of the upper trend line raises the likelihood that it will need more time to absorb overhead supply, so the initial burst off the October low may already be nearing its end.

The pivots to watch on the next downtrend lie at the 50-day and 200-day moving averages between $58.50 and $59.50. These levels could offer substantial support for a follow-through rally that reaches the May high in the next few months. In any case, look for seesaw action that rewards long-term positions and frustrates short-term speculators.

Slider seems to go with your thinking that volatility and spread options are the play. Any updated comments?

TIA,

Ron
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