Pete's TA for gold

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Pete
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Pete's TA for gold

Hi All,

I'm an irregular Turd reader and long time gold charter.  If I knew how to post charts to this site, I'd do it (help would be appreciated).  But since I don't, I've uploaded to the tinyurl site.  Please take a look at the three charts whose links are below.  Best if you view them in order from the top down.

http://i39.tinypic.com/qowo43.png

http://i39.tinypic.com/16gzlvr.png

http://i41.tinypic.com/54zm20.png

What I'm trying to show is that several approaches are pointing to the same price and time target for the possible end of this correction.

Very few chartists use or understand the methods of Alan Andrews and Roger Babson which are among the best in my experience.  (These guys have passed on.)  Alf Field has been perhaps the most accurate gold price forecaster for this bull market, and I consider what he says.  I included a method by Arthur Sklarew that presents a somewhat different way to draw a lower channel line than you typically see.  He was a paid professional chartist in his day who worked in the futures industry and he found this method more accurate overall.

The bottom line is: Be of Good Cheer: the bottom is near!

If and as Feb Comex gold reaches 1488.10 this week of Jan 6, I'm making a major (for me) purchase of physical.

All the best for the New Year,

Pete

Edited by admin on 11/08/2014 - 06:21
sixdollarsilver
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Thanks Pete

Nice charts and solid analysis are always good to see.  Especially interesting in this case is the correlation of price estimates you have highlighted.  

There are a few different ways to post charts here.  One of which is to copy and paste the image's URL in the appropriate box after clicking on the 'image' icon immediately to the left of the 'smiley' icon.  Having done that with one of your charts though (see below), it comes out rather large and subsequently obscured so you may want to reduce their size before bringing them over.  I think they're just fine as links.

Thanks again for the info.  Ties in nicely with my own thoughts.  I however am weary of the FOMC meeting Jan.24-25 as strange things can happen leading into and out of these shenanigans.  It may not lead to a violation of a low set previous to it, but it could test your mettle so to speak.

Pete
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Yearly Cycle Low?

Toby Conner points out a yearly cycle low in gold for the last few years that is due soon:

http://www.gold-eagle.com/editorials_08/connor122911.html

Conner's cycle would be another confluent factor pointing to a major buying opportunity should gold decline to significant support between the first Andrews ORE line (1488.10 this week, rising @ 7.30 per week) and the 1478 low within the next few weeks (basis Feb futures).

Pete
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April Gold 60m: dramatic potential immediately ahead

What I see directly ahead:

http://i40.tinypic.com/maxtfl.png

The bullish formation in GDX tends to confirm.

Perfidious Albion
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Image handling

If I open the url linked above and copy the image to my clipboard( mouse right click copy image)  or just select & ctrl c. I can then paste the image directly into the post new comment box.   As per SDS post further up the thread it pastes in rather large so the next stage is select the pasted image within the new comment box it should go purple, then open the image properties tab (above next to the smiley) and the properties dialogue will open with the selected image in the preview pane, one can then enter the new sizes in the boxes and hit the resize button et voila image resized within the post new comment box.  

nb: Pete thanks for the charts.. :)  

maxtfl.png

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Pete
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Long Term Gold chart--UPDATE

This chart corrects and updates the chart posted January 2012:

[IMG]http://i47.tinypic.com/ie1baq.png[/IMG]

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