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Strategies & Market Trends : The Bottom Line: Analysis and Strategy

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To: Michael Watkins who started this subject	8/15/2003 4:31:35 PM
From: Michael Watkins	Read Replies (1) of 25

Gold update: It seems like destiny - gold is charting out such a picture perfect triangle, I'm certain that it will be used in a text book, some day, by someone. trendvue.com On the weekly chart it is easy to see as well, and I've mapped out a potential target (we never use these targets to justify a trade!) which could see Gold well into the 400's. On the daily chart you'll note on the consolidation pattern - the very large daily triangle - price has penetrated the upper descending trendline. Today price pulled back inside, forming a narrow range inside bar. Lurking above the triangle with a buy order might be useful here. At least if it moves up directly, price has proved to us for the time being it wants to go up. Frequently what happens is that players place their bets in advance, and get "trapped" on trendline breaches. Lets follow this one next week too.

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