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Homyk Registered Apr 2011 |
This is my analysis of gold for the month of July 2011 using the GLD ETF.
Long time frame 
Gold has been moving in a steep channel for years if not for a decade. Price now resides in the middle of a strong but a bit inconsistent channel. When I say strong we see that price has conformed to the channel for several years and tested it several times. What I mean by inconsistent is that it doesn`t hit the lines cleanly but bounces early on numerous occasions. We see that price is now in the middle of the channel. Medium time frame 
In the medium term we see that price is moving in a triangle towards the inner channel. A breakout on the downside of the triangle would be positive for those wanting to buy into gold. The inner channel will likely stand firm. |
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