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Point And Figure Analysis 09.03.2008 |
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Written by Administrator
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Sunday, 09 March 2008 |
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Can gold break the psychological barrier of 1000 $ ? After the price breakout of a symmetrical triangle we had a confirmation two weeks ago with a single buy signal @ 960 USD. This was important because the bullish breakout of a symmetrical triangle is one of the most treacherous point and figure signals. A.W. Cohen stated in his book that the bullish breakout of a symmetrical triangle has the lowest percentage success rate. So it was good to have another bullish confirmation after the triangel breakout. The last vertical count of the gold future gives me a a price traget of 1120 $. So i,m confident that we will pass the psychological barrier of 1000 $ soon. As we can see we have rising lows in the last 2 red O columns this means that buyers a willing to pay more to enter the gold futures. The last buy signal we had @ 995 $ touching almost 1000 $ but we have to watch for a completion of an ascending triple top buy signal @ 997.50 $. In the next bigger boxsize of 5 $ we can see the same pattern with a valid buy signal @ 1000 $. The daily close chart shows us accumulation with a valid buy signal @ 987.50 $ and a daily close over 992.50 $ would be a strong bullish sign. As i mentioned before the same pattern we can see in the next bigger boxsize of 5 $. So in my opinion everthing points of a break of the psychological barrier of 1000 $ within a short timeframe. Gold P&F Chart with 2.5 $ Boxsize High/Low Gold P&F Chart with 2.5 $ Boxsize High/Low Gold P&F Chart with 2.5 $ Boxsize Daily Close Gold P&F Chart with 2.5 $ Boxsize Daily Close
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Last Updated ( Wednesday, 16 April 2008 )
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