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Strategies & Market Trends : The Ego Forum

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To: ames who wrote (11871)	2/28/2013 11:04:38 PM
From: hubris33	Read Replies (1) of 12175

Offset that permabull prayer with the grim reality of Trader Dan Norcini..... Hmmm.... wonder why Dan is estranged from Sinclair? traderdannorcini.blogspot.com read the whole thing.... but excerpt here: A WEEKLY CLOSE below the last level of support near $1525 - $1520 would do very serious damage to even the long term trend in gold and would suggest a deeper retracement. Note that the 38.2% Fibonacci retracement level on this weekly chart comes in precisely at the horizontal support level I have lined out on the chart. That is near $1534 - $1535. That is the first level of support. Just below that is $1520. There is nothing, and I mean nothing that I can see on this chart with the exception of a bit of a blip near $1480 that could stop the price from testing the 50% retracement level near $1415 should the red support lines give way. My suspicions are that if the S&P 500 takes out its overhead support resistance near 1520-1530 on a weekly basis, gold will take out that $1535- $1520 support level on the downside. I hope not, but we have to be objective and try to see this thing for what it is at the current time. Do you not find it ironic that in both cases, the S&P with 1520-1530 on the top as resistance and gold with 1530-1520 on the bottom as support that the resistancer and support numbers that mark both markets are identical except in reverse?

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