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Strategies & Market Trends : John Pitera's Market Laboratory
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To: tosa who wrote (15781)4/9/2014 7:22:02 PM
From: John Pitera1 Recommendation

Recommended By
roguedolphin

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Hi Tosa, thanks for the kind words.

I basically feel the exact same way as you regarding gold. Looking at the daily, and weekly charts .... time cycles I don't find the charts interesting and I believe sentiment is such that we can break to lower levels over Q3 or Q4.

But it's not a market that is speaking that much too me.... this chart I have posted and a daily chart illustrate what I consider to be an ambiguous market.

I was highly bearish at 1700 and 1600 last spring and became very bullish at 1180...last summer.

And I was a long term bull from 1999- 2000 and liked it from the long side for dozen years. Right now it's in no man's land.


but wanted to ask your opinion on gold here. Gold bulls are trying to hold 1300 but the popular take is this is a dead count bounce and 1180 will be broken to the downside later this year.Daily and weekly GLD charts seem to support this possibility.


John
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