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Peak Theories' Short-Term Views On Gold
Abigail Doolittle, of Peak Theories Research, shares her latest updated short-term outlook on the price of gold. Doolittle's conclusion: "Caution is advised around gold in the near- to intermediate-term due to this potential near- to intermediate-term reversal. In the long-term, however, gold’s primary and bullish uptrend appears to remain very much in place." Of course, for those who day trade gold, the broken upward channel we pointed out some time ago was the indicator to watch in taking profits. For everyone else, who believes that the past two weeks' weakness is merely a blip in an otherwise relentless march by the world's central banks to reflate their problems through currency printing and devaluation, the long-term outlook is certainly far more important.
In summary:
- With gold below $1,353 per ounce, it appears to have begun a nascent trend of lower highs and lower lows or the topping process that I’ve been writing about.
- This suggests that gold may continue to move down and especially with gold slightly below its 100 DMA of about $1,347 per ounce.
- In turn, this may suggest that gold will fulfill its small Bear Flag with a target of about $1,330 per ounce and even the Diamond Top pattern with a target of about $1,284 per ounce.
- If gold hits that target of $1,284 per ounce, there is a good chance gold will retrace the entire ascent leading to the Diamond Top or decline to about $1,155 per ounce.
- Such a decline would be consistent with a pull down to gold’s long-term trendline which, ironically, will strengthen this long-term uptrend.
- Caution is advised around gold in the near- to intermediate-term due to this potential near- to intermediate-term reversal.
- In the long-term, however, gold’s primary and bullish uptrend appears to remain very much in place.
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Was yours generous?
Oh no, you did not.
**If I managed a Mickey D's I'd probably be paid more.
Peak Theories' Short-Term Views on Gold "Equivalents."
Head and Shoulders top in Silver, 28 now resistance and support comes in at 26.5 and 25 (pattern height).
Gold has stacks of bearish wedgies
With that wedge-shaped head of yours,
and all the wedgies you got in the schoolyard last week,
you are in excellent shape to recognize them on the chart.
Love your posts. Insightful, intelligent, inspirational.
And your posts? Me, me, me, I, I, I...
Ignorance, arrogance, stupidity...(on gold and silver anyway).
You have a KDish mocking type talent for sure.
so what alls fixed in america now? did hu da man promise to buy more american $$
i didnt realise everything was so easily fixed.
Ask youself, "Why is gold going down every day now with all the QE money pouring in?"
Because all the QE money is going to banks and banks abhor gold. The divergence in physical and paper is growing and specie is being off shored to China and India as well as bought by investors- which is why the price continues to rebound.
Ask yourself, what happens when the morgue runs out of paper? What happens when the comex goes into total backwardation? What happens when gold is not available at any price? Or go ask the people of Zimbabwe- they can tell you exactly how it happened.
Because PAPER contracts for gold can be shorted with PAPER QE?
ask yourself why on this day the S&P is a crap shoot and metals are supposedly selling off.
where is the money going?
bonds?
This is a zombie movie. In any zombie apocalypse, the rag tag group of survivors eventually triumphs over the reanimated corpses.
BENCO WILL NEVER ALLOW THIS!
Fast forward.. 5 to 10 years from now.
Gold and silver still have value, any value.
All paper assets will have been obliterated. Simple as that.
Sure the paper will have gone full cycle and be replaced with something new but that new whatever it may be is not what most people will have access to because in the interim their paper holdings of old will get exchanged for fractions on the new but gold and silver will maintain their original value.
That's how its done during a currency reform and debt restructuring.
The Dollar is based on debt. The debt cannot be repaid. Therefore the promise to pay becomes more like a maybe and we'll see how much sort of thing. Repayment in full is impossible, even the debt service in full is impossible.
Give me more gold at $1300 and $1200 and $1100 .. silver at $25, $23, $20 and $17 .. haha I know I'm dreaming. But hey I still have as much paper to convert as the next guy. Hopefully the next guy doesn't realize that the paper is going to ZERO.
Do you think that in, say, 1930, a lot of people sat around and wondered if the U.S. economic, political, and social systems were going to collapse? I wonder if perhaps we are not overstating the TEOTWAWKI effects of all of this. The vast majority of investment experts appear to believe that we are in a business-as-usual mode that faces serious problems--but problems that can be resolved within the current system. What makes us think that they are wrong? I guess the "this time it's different" argument can work, but is it really that different? Is this just not another phase in the long road of the "American Economy" and its transition to a "Global Economy"? Does there have to be total collapse, worthless dollars, $5000 gold, and survivalists being the only ones to escape being cannabalized by urban zombies? Or am I blinded by my normalcy bias?
Resources are not infinitely available on the planet.
This will become ever more clear especially with the global economy aspect.
Money and money product are ficticious products of central bankers.
Rubber meets road.
I refuse to sell my PMs for a manipulated "spot" price based on a diluted and ficticious paper currency. Same for food and vegetables that I grow on my farm.
1 oz silver buys your vegetables to feed the family for a week / today, tomorrow, next year, next decade.
I believe this won't change the physical demand by much. Gold/Silver bugs know this is the classic shakeout and will keep their physical holdings until the monetary system is one day restored. If anything this presents a buying opportunity for those that have been waiting on the sidelines.
When is Eric King going to interview the Cash4Gold housewives who outwitted the "experts" such as:
- Alf
- Martin Armstrong
- General Jim
and sold out their stash at or near the highs????
And completely sidestepped this correction??
That would make a good interview...
Why are you here? Shouldn't you be standing in a soup line somewhere?
S&P is a crap shoot, bonds are a crap shoot.
where the fuck is the liquidity going from this alleged "sell off" in commods?
"Cash4Gold housewives who outwitted . . . "
Bahahaa! Dude you are shameless! Gold would have to drop another 30% for those fools to have "outwitted" anyone. Testimonial: "I went in expecting to get maybe $200 for my bracelet and I got much more than that!! " Yeah, you did lady, and you won't walk right for a few days either.
Gold trolls will say literally anything to convince others and themselves that they are right. Even saying something stupid, like people selling at a 60% discount to spot are smarter than people who rode the bull all the way up, and didn't bail out at every minor correction. Whenever there is a correction, they are "wrong". All this while Robo and assorted shitheads make calls that lead to their repeated bankruptcies, or would, if they had a half an ounce of conviction.
None of these guys are short gold, because they don't have a single testicle between them.
Do you always eat your own puke?
This is what an idiot looks like. Just so everyone knows.
Technically he is a "less-on," one grade below a moron.
Nasty little punk, isn't he?
Nor a functioning brain among them either.
Maybe Eric King should interview you? After all, who has been better than Robot Trader at calling the PM markets?
Along with Sinclair, you have Turk, Embry, Russell, Butler, etc...who have all had it wrong for ten years running now. Forget them, ROBOT is the man to listen to. And maybe Nadler and Gartman.
LMAO.
I want to see them interview the printing presses that made all this possible.
I can see it now................
The Time magazine front cover with 2 printing presses on it.
One that prints FRN's and the other that prints Gold certificates.
"The printers that saved America"
They may be next year's Time "Men of the Year"
hey, catfish mouth robo uber bull with 30% of his money invested in the biggest bull market in history as he would say: why waste time mocking alf, martin and jim? since you've come to know so much in your 23 years on this earth tell us the direction of the next five percent move in a security of your choosing so we can all front run and get rich on your market wisdom.
step-up, oh wise sage. enlighten us.
Bob Hoye and Ross Clark say about 1290-1328 is where you may see a bottom on gold for the moment.
Silver is more volatile, and may hit a low of 24-25
Look for an RSI of sub 50 in gold or a hit on the lower bottom bollinger as a bounce point.
If this is the big ride down on everything, then even lower though gold and silver will recover on the early side by months.Their target is 2155 gold.
Also, rightly mentioned on the board, options expirations is typically an excuse for a flood of paper to hose the longs and keep JP out of force majeure.
And also, as psrt of a stronger yuan, china has been rumored to have an agreement on gold exchanges and they need a cheap entry point
Bob Hoye and Ross Clark say about 1290-1328 is where you may see a bottom on gold for the moment.
Silver is more volatile, and may hit a low of 24-25
Look for an RSI of sub 50 in gold or a hit on the lower bottom bollinger as a bounce point.
If this is the big ride down on everything, then even lower though gold and silver will recover on the early side by months.Their target is 2155 gold.
Also, rightly mentioned on the board, options expirations is typically an excuse for a flood of paper to hose the longs and keep JP out of force majeure.
And also, as psrt of a stronger yuan, china has been rumored to have an agreement on gold exchanges and they need a cheap entry point
XLNT.
~Misstrial
We need another Andrew Jackson! Viva Ron Paul!
thumbs up!
hear hear
I agree, many of us like to buy and hold silver. Since I buy every month, it looks like my acquisition costs will be lower for a while.
Yes, my holdings took a beating this week, but I won't be selling, and I hope the paper banksters get that message.
Need a scare so the Bernank can remind congress about the need to raise the debt.
ceiling. Need a clear enemy for the "war on deflation" narrative.
Yep. And show the USD up vs gold to make it look strong enough to absorb more debt. Total joke. Meanwhile the fiat blizzard continues, bank and Fed balance sheets balloon with crap, and physical demand ratchets the vise on the paper shorts.
Gold
BTFD
http://99ercharts.blogspot.com/2011/01/gold_20.html
http://www.zerohedge.com/forum/99er-charts-0
http://www.youtube.com/watch?v=933Do2EgU2Y
My earlier warnings of parabolic Gold chart now confirmed.
I now expect serious downside for Gold and Silver.
http://stockmarket618.wordpress.com
even the broken Grand Superclock is right twice a day
You can't eat gold, but you can bludgeon somebody to death with it.
There is nothing like a ZH thread on gold for goofiness...except one that mentions Israel!
You got that right. Christ, I have to stay away from those threads. They make me lose respect for intelligent people.
You are Turd.
This is what a post by an idiot looks like. Just so everyone knows.
It took me a while, tmosley, but:
+ 1
We are right, they (gold haters) will be shown wrong.
Isn't there a story in the bible about the Israelites melting all their gold jewelry to make and idol for them to worship?
Well now, start a thread on that, and every ZH goofball in the world will be all over it.
And there is nothing like a ZH thread on gold for bringing out pure, shining, immutable ignorance of the anti-PM crowd. One should not even respond to such resplendant stupidity.
Hu Jintao: America not No. 1 (USD is on its death bed)
Based on 10% Chinese growth and 4% inflation you'd expect commodities to go ballistic.
No no! Can't have that! Need .. to .. hold .. the .. reserve .. currency .. a .. little .. longer.
Jintao / Obama summit reminiscent of Hitler / Stalin PAKT.
Words.. just words.. friendship on paper.. has no meaning as history has shown.
Jintao back in China. Fuck Obama, fuck America.
Obama in the WH. Fuck Jintao, fuck China.
There will be war.
BTFD's!
Doing TA on gold and then posting it on the internet is a good way to get humilated later on. The pundits lead me to believe this is just the pre-rally headfake gold does to screw with people. Gold doesn't consolidate at real tops.
Yes, it looks silly without the sound.
she needs to be naked or at least in a bikini for me to hit peak interest.
JPM can keep hammering it down as far as they want, for all I care. The lower it goes the more physical I can afford. I'm not buying it as an investment. I'm buying it as SHTF-Insurance.
+
yeah you cant eat gold, but you can eat shit.
StandforDelivery is reporting delivery pledges of:15,738,547 troy ounces = 446.180302 metric tons
Thatsa lotta shiny stuff.
Despotic crooks selling boat loads of un backed paper contracts...., they have no metal and need your's to cover thier ass. Remember .... Gold is in a bubble ...and not the trillions upon trillions of paper accounting units.. created out of thin air ......Right????
Abigail...she is a doll...
But I mean now she tells me, I just went and bot those philharmonics yesterday...oh sigh...
"doll" is a stretch, unless your valuation is taking deflationary pressures into account
Well I'd do her!
That's a doll in my book.
What Mark Twain said of abstinence applies to TA .... Abstinence is fine just so long as it doesnt hurt anybody.
must be deflation's coming then. we sure ain't gonna sustain equity prices with no jobs and no price discovery.
More chartism , just what we need . Wake me up when there is real news , like a guy dressed up as Roman priest checking the entrails of a dead vulture and shouting "1500 , I see 1500" . Would be equally meaningless , but way more entertaining
Hahaha! Evil trolls and shills always come out in force every pullback. Next leg up they'll scurry back again into the dark until the next consolidation. Oh well, shills gotta put food on the table like everybody else.
Silver double intra day bottom..
Load of crap talk about why gold should go down. BS! Gold is manipulated down trough derivatives and should be at $2500 o/z if not.
Greenspan in 1998, before Congress: "central banks stand ready to LEASE GOLD in increasing quantities, should its price rise." http://www.federalreserve.gov/boarddocs/testimony/1998/19980724.htm
The afternoon London Fix got wise to a Tunisian and his wife trying to palm off a ton and a half of the hard stuff and hence dumped the price !
Many of these posts are petty much BS girlish mudslinging -- shows how confused the market is. This post was a good technical analysis and I have seen/heard the same from other sources.
But the shorters don't talk about miners. Aren't many of the mining fundamentals still strong? Start a thread about some of the dory producers still making great profits at 1100. Should everyone short them too?
For God's sake woman, shut up and SAY something!
The more noise, the less to say. The last ten seconds said all that needs to be said.
DavidC
She's using hand signals. Looks like a politician to me.
What is Plan B if China dumps its U.S. debt?