We seem to keep wanting to short gold but patience is probably the best way to deal with this chart. Obviously $1300 was going to be a significant level but do we really think it will stop there? I DONT KNOW!
I have just done this chart to show the first major range on gold reached 150% and pulled back. I have drawn a horizontal black line at this level and another one at 161.8% of that move. To me a parabolic rise like this only ends going one way and that is down!
When or where from is the more refined art of this 'top picking' game. I certainly think gold could push through $1300 and even up to $1350 if it rapidly accelerated north i would be so confident in saying that this is a top and a major correction will follow.
I have included the fib levels as well as the strong $1000 level on the chart with a repeating range. These would be the areas i would watch as a profit level. Should gold begin to make any lower swing tops i will begin to short it and try ride it for a couple months down to these levels.
But this will develop in time :)
I will put up some more charts soon :)
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