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Gold, the public enemy of all governments, who see fiat currency a pillar stone of their power foundation. There are 3 views if you look at the weekly chart. First, the solid cup & handle formed between Feb08 and Oct09 predicted a upside target of (990-680)+990=1300, which has been met now. It took 12 months from bottom in Oct08 to neckline breakout in Oct09, and now it has passed just another 12 months to reach to target of 1300. Second, gold can be seen as previously staying within a rising wedge, and if breaks out upside it will move into an uptrend channel, which can interpreted as a very bullish proof by investment public and hence strongly self-enforced. If that really happened, it would be the beginning of end of all fiat currency. However, in my personal view, it's still premature. Third, from the view of Elliot wave, 5 waves up have almost completed, 3 waves down are expected. From RSI, it's also very overbought.
It's in line with governments' great interests to bring down gold from the current critical level. It will be a hard hit to gold bulls and bring the lifeline of fiat system to an extended period. To realize this, 1213 must be taken out to invalidate the uptrend. |
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狗仔卡
发表于 2010-10-5 11:46 AM
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发表于 2010-10-5 02:54 PM
