And a pointed response by AU_NB from Kitco <g>:
AU_NB (Another Example of DYODD) ID#115252:
Copyright © 2002 AU_NB All rights reserved
Kitco, today has a post from an "expert" who suggests taking some profits in the gold bull. Not bad advice at the proper time. The implication of the article is that this is the proper time.
kitco.com
Significantly, his article, dated March 3, 2006, is based upon one single chart analysis.
But, before unquestioningly accepting the chart analysis, losing sleep or even considering acting upon its suggestions, one might subject that chart to a little scrutiny.
There are representation on the chart that appear to be misleading and perhaps even false.
1. The chart is two weeks old. That standing alone is not perhaps significant, but since then price has moved up, nullifying his premise at least to some degree. In this day and age of a computer, why wouldn't the latest information be used?
2. The price shown for the close on Friday 02/17/06 is not 551.80 as shown but was rather 552.17. This can be checked by going to Barchart.com and using the cursor.
3. There was no spike down as shown on the author's chart for the week ending 02/17/06. Rather the change from the previous week's close was relatively flat ( +.72 ) . This, too, can be verified on Barcharts.com.
4. There was no spike Up on the weekly close in January 2003, from which the upper channel line was supposedly drawn.
5. The author's chart showns that the price came down to an exponential moving average at about 537.4. That average is labeled or shown to be a 50 period moving average ( week ) . A fifty week moving average is considered by many to be a significant average. However, that moving average shown is not a 50 week ema, but is closest to the 13 week ema, as can be verified on Stockcharts.com.
kitcomm.com
kitcomm.com
kitcomm.com
When something appears like this, it might even make one think that the contrary to what is represented is likely to occur.
fwiw
jmho
ICBW
DYODD
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