Sorry I missed your post. Louise Yamada does good TA which I trust and she makes a good point about the current trend from 2009 being called in to question. A 50% Fibonacci retracement would take us to $1,400 where there is also significant support. So I think $1,400 is probably the bottom, if it gets that far... If you can BTFD within 10% of the bottom then you're doing well IMO. So that would put the buy zone anywhere between $1,400 and $1,540. I have some funds to splash at the moment and I think I might average in with half at the retest of $1,535 if it looks like it confirms the bottom and then the other half either above or below that point a week or so later.
Whilst I have a feeling it isn't over yet, the fundamentals will trump any chart and anything could happen at any time.
gold --> If support breaks for $1,487 you would probably see gold move to $1,400.
silver --> If $25 doesn’t hold, it will retrace to the 2010 breakout of $20.
Number79, on 17 May 2012 - 09:17 AM, said:
Nice chart WP, I had 1550 -1600 for earlier in the month but didnt really think that we would have gone much below 1600 tbh. I have next major support @ 1300-1350, what you thinking to downside possibilities?