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"As a technician, I feel that there are few analysts that offer value for me, but you do. Your work on Gold ratios has helped my analysis greatly." --Jordan Roy-Byrne, CMT (The Daily Gold) 4.9.10
Tuesday, December 11, 2007
Email from reader Claude
Hello Gary, I just updated my Gold Barometer for the next six months. The projections during this year have been surprisingly accurate and did not have to fine tune them as data became available.
You may recall that I tried very hard to console last June as your mood was "gray" but the Barometer promised an imminent sharp move up for Gold. And so it happened.
Now, however, the Barometer is losing altitude and is signaling a decline/sideway action for Gold at variance with the bullishness I just found expressed in your latest editorial. I think $775 is more likely than $900 in the intermediate term,
Hope you will post the Barometer on your blog for the possible benefit of others.
My pullback levels have not all been met yet. 773 was my MINIMUM decline but I still have open all the way down to 720 or so. I think that unlikely, but it is open. My 900 projection is based on a large sym triangle ongoing for months now, but I found it interesting that the small sym tri was projecting the same level. Again, I am not not frothy by any means. But nor am I bearish. Just being patient.
PS Claude: I never get "gray" or in any other mood. At least not so my trading decisions can be affected by it. Any market is either going up or it is going down. Our job is to get on the right side of that. Some of what I write on the blog has fun in it or sometimes I'll let some cartoon like irony out, but the day this becomes 'not fun' is the day I quit it; blog, website, stock markets, the whole enchilada.