Sunday, August 30, 2009

79 parabolic gold vs. 09 monthly futs closing basis

In line with my views that deflation will rule the day I took notice of the similarities between the 79 parabolic in gold and the current gold topping action on a monthly closing price basis. I noticed 79 ended with a double top which first broke down towards the .382 fib level and then ultimately reached the .618 level before finding support. That would target the 530ish area of the current chart if things play out in a similar manor.

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