Gold trading range,,,,for ?

As mentioned in previous posts, Gold is in a huge trading range and one that may be around for a little while.

It could be in this pattern for a year and a half based on trading ranges in the past. (As noted in a post a few weeks ago).

Only those that swing trade the ups and downs are making any money in the PM markets.  Most are unable to do this because there are people that actually work for a living and do not sit in front of their computers M-F to monitor and trade the markets.

We just trade one currency for another, one may eventually become close to worthless and the other will not only retain purchasing power, but increase purchasing power. One is in a long term bull market and the other is in a long term bear market.

With today's volatile markets, it's just best to turn off the 'kitco' page and focus on family or your hobby.

Gold Trading range

Daily chart of the World Gold Index from February 2011.

A fibonacci retracement is drawn from the lows in Jan to the double peak in Aug / Sept.  Gold is in a trading range between the 61.8% and 50% fibonacci levels.   Gold is up ~13.7% year to date and can also be seen as consolidating after the huge run up between July and early Sept.

The turn of the month may bring a movement either up or down. (Being a PM bull, I'm leaning towards the upside).  Being bullish at this time is opposite to the chart formation as Gold is trading under the 20, 50 and 100 day moving averages.

Next week:  Oct. 27   Comex October gold futures last trading day