Sunday, April 27, 2008

Metals : Gold selling new hobby!

Confirming my previous analysis, gold is sliding down so fast, panic is continuing pushing gold down and down to its critical point, it's 38.6% fibonacci level and neck line, that's it, a retracement or a big free fall, but which side is it supposed to be?
A down trend channel already confirmed, it's top line now on 918-922$, so a retracement will not be effective for our shorting positions, it would be dangerous if it break through that level and give a confirmation over 928$ which will support it till 953$, but i don't expect a scenario like this, the one i expect would be a break down through that critical point, taking out the next weak support "872$", what more??!, do dream it yourself, we would having 842$, 789$ and 718$ as a final target for gold.
One thing left to be told, keep your opened short positions, and if you want to be greedy, let's open more after closing under 882$, selling now is a hobby more than just a trading style, at least at the moment, wake up gold lovers.

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