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SPDR Gold Shares Message Board

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  • mortonoso mortonoso Aug 28, 2011 9:19 AM Flag

    Gold bubble ending with head and shoulders top

    Generally agree and nibbled GLL on the same theory; however, for the H&S to be valid the neckline must be pierced. I wouldn't be surprised to see gold test $1911 or maybe even $2000 before rolling over toward your $1500 PT. I would agree though that the formation of the right shoulder on lower volume is setting up the potential exodus of big money players.

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    • GLL and GLD puts are the place to be. No QE3 and another margin hike or three will knock gold down below the 1500 level and maybe to the 1200 level.

    • The right should formation I believe has already occurred on Friday. I am short at 173.20, 175.o1 and finally at $177. I am down down quite a bit already on my trades with gld but I know that you can't eat gold and at some point unless governments collapse specifically USA at this point, gold will fall. I believe that point is very near--it may rise and get over 180 on Monday but the correction will be swift with the first stop at 160 ish, thereafter down to 140-145.

      Well here it is in writing but those buying now must underrstand that going up is much harder than going down.

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