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  • whitesands_8 whitesands_8 • May 4, 2012 6:36 PM Flag

    I'm expecting a huge bounce at $8.30 area

    Were hitting an area of Huge support and filled the gap at $8.38 that occurred at $8.38 4 years ago.

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    • lefko2004 lefko2004 • May 4, 2012 7:46 PM Flag

      i looked at my chart it doesnt have a gap in it....the low that year was around 6.85....i sure do hope your right about that gap...i dont know were the bottom is with the xau in this decline .but were ever it is we will have the third leg up in this gold bull market...and it will see gold going into the thousands......i just started buying kgc this day.....had played with it before......

      • 1 Reply to lefko2004
      • whitesands_8 whitesands_8 • May 7, 2012 1:05 PM Flag

        Hi, the gap occurred on late October 2008...Make sure you look at a daily price chart as it may not show up on weekly chart.

        But yes the gap occurred with massive volume and it's taken 4 years to fill so there was some heavy buying...I see today we dipped pretty low but buying pushed it back up to the $8.30 area....Would like for it to hold here...One thing I'm worried about is the HUI...measured move indicates at least HUI of 350-370 for some kind of a bottom to be put in...So this may indicate that if we do get support here and a bounce that it may not hold and perhaps look to test that $6-$7 area you spoke of.

 
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