Gold is still in a trading range and within the wedge pattern which is coming closer to a point.
Gold is down today and as of this writing, it is off -$47.50 at $1665 which is near the bottom of the lower trend line. It's below the short, mid and 100 day moving averages. Technically, it's in a bearish downtrend with lower highs and lower lows since the $1900+ peak that was reached in September.
I listened to one trader that mentioned December 15th would start an uptrend into the 2012 year based on 'Longwave' cycles and fibonacci retracements. I'm not sure how some of these guys can predict the exact day an uptrend with occur with those 'tools', but if I could predict what tomorrow would bring, I'd be a billionaire.
The HUI Gold Bugs Index continues within a trading range and looks like it will remain within the blue box for the remainder of 2011. (Only 2 trading weeks left).
The fibonacci projection is up to the ~735 area from the current price of ~537 which would be a nice move for all solid Gold and Silver producers. Baring any major stock market declines/crashes that would take these stocks along for the ride, a breakout to the upside may occur within the 1st half of 2012.
I listened to one trader that mentioned December 15th would start an uptrend into the 2012 year based on 'Longwave' cycles and fibonacci retracements. I'm not sure how some of these guys can predict the exact day an uptrend with occur with those 'tools', but if I could predict what tomorrow would bring, I'd be a billionaire.
The HUI Gold Bugs Index continues within a trading range and looks like it will remain within the blue box for the remainder of 2011. (Only 2 trading weeks left).
The fibonacci projection is up to the ~735 area from the current price of ~537 which would be a nice move for all solid Gold and Silver producers. Baring any major stock market declines/crashes that would take these stocks along for the ride, a breakout to the upside may occur within the 1st half of 2012.
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