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TFC Commodity Trading Forum

Re: Gold/Triangle Breakdown/Approaching /Ronbo *PIC*

Well the problem I have with the bearishness is every hot shot analyst out there is saying that exact same thing that it's crash and burn time for Gold. All I know for sure is while the Symmetrical Triangle did break on the downside price is doing exactly what it did last September and everyone was throwing in the towel then as well. And Sept his historically the best month of the year for Gold so when price went below the 150ema AND the 200ema back then everyone predicted the end of the bull run. And Haligonian said the bearish sentiment numbers were extreme in bearishness. So with everyone on one side of the boat I just don't buy the story. It feels like a set up 'again'. Just like Lucy and the football. This support area is still holding and is higher than the Sept low. Not that it matters but I am considering a long position in here myself. Just being fussy on the entry and if the set up doesn't occur it wont cost me anything. Preservation of capital is job #1 for me and I don't try to be right but just try to take a bite out of the markets where and when I can. Many are comparing the markets to late 2008 where 'everything' was sold off. We'll see but don't be surprised if the 'news' suddenly becomes postive so the big boys that have spooked everyone out of their longs drive prices on everything back up again. They are very good at that. And we all know how quickly the financial news media can re-spin a story.