Gold Update

By Colin Twiggs
April 2, 2008 12:00 a.m. ET (4:00 p.m. AET)

These extracts from my trading diary are for educational purposes and should not be interpreted as investment or trading advice. Full terms and conditions can be found at Terms of Use.

Gold

Since yesterday's newsletter, gold has fallen through support at $900.

Penetration of the long-term rising trendline warns of a secondary correction. The metal is likely to find support at $850 in the short-term, but could go as low as $775 in the next downward leg.

The weekly chart shows that gold experienced a similar correction in mid-2006. And we may see a similar consolidation to establish a new base this time. The primary up-trend remains intact and would only be threatened if there is a fall below support at $775.

Source: Netdania

Let him buy one-fifth of his full line. If that does not show him a profit he must not increase his holdings because he has obviously begun wrong; he is wrong temporarily and there is no profit in being wrong at any time.

~ Jesse Livermore in Edwin Lefevre's Reminiscences of a Stock Operator

To understand my approach, please read Technical Analysis & Predictions in About The Trading Diary.

	Gold Update By Colin Twiggs April 2, 2008 12:00 a.m. ET (4:00 p.m. AET) These extracts from my trading diary are for educational purposes and should not be interpreted as investment or trading advice. Full terms and conditions can be found at Terms of Use. Gold Since yesterday's newsletter, gold has fallen through support at $900. Penetration of the long-term rising trendline warns of a secondary correction. The metal is likely to find support at $850 in the short-term, but could go as low as $775 in the next downward leg. The weekly chart shows that gold experienced a similar correction in mid-2006. And we may see a similar consolidation to establish a new base this time. The primary up-trend remains intact and would only be threatened if there is a fall below support at $775. Source: Netdania Let him buy one-fifth of his full line. If that does not show him a profit he must not increase his holdings because he has obviously begun wrong; he is wrong temporarily and there is no profit in being wrong at any time. ~ Jesse Livermore in Edwin Lefevre's Reminiscences of a Stock Operator To understand my approach, please read Technical Analysis & Predictions in About The Trading Diary.	Share: A+ A− FREE 12-month subscription to The Patient Investor Get the insights you need to stay ahead in financial markets when you sign up to Incredible Charts premium service by 31 December. Start Now Incredible Charts Try our popular premium stock charting software, with proprietary trading tools and powerful stock screens. More than 420K downloads Suitable for Windows 10 & 11 Start with a 5-day Free Trial Download Premium Web Charts Premium cross-platform web charts with proprietary trading tools and powerful stock screens. No downloads or installation required. Suitable for Windows, macOS, and Linux operating systems. 5-day Free Trial Trading Diary Free education, with technical updates and macro outlook. Join Now
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