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“Many investors and traders are familiar with saying, ‘The days are long but the years are short’.  As of today gold bulls will identify only too well with that saying, with what feels like relentless day to day selling of gold and declining prices.  It’s these times that challenge investors and speculator the most, and views need to be questioned and challenged to either affirm or change investments.


I generally prefer the big picture as there is so much noise in the day to day moves of the market, but we live and experience life in the present and the gold price action at present is testing the conviction of even the most ardent gold bulls....


Continue reading the Kevin Wides piece below...




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“As humans we suffer from bias, and as investors we suffer from confirmation bias to our market views.  In an attempt to challenge these biases I have inverted the chart on gold to see if the chart tells a different story, or gives a different picture to my view that we are on the verge of a massive move up in the price of gold. (See inverted gold chart below).




The inverted chart is so simple and clear.  Support and resistance levels are self-evident.  What is also evident is the inverted chart pattern lacks a ‘capitulation’ that could indicate a bottom (gold top) is in place.  A ‘dead cat’ bounce is what the chart appears to be showing.


What  really jumps out is that the price range and pattern of the last 18 months (late 2011 to early 2013) is not new to gold.  The years 2008 and 2009 show a very similar chart pattern.  This is a head and shoulder continuation pattern with a very distinct red neck line or resistance level.


It appears to be at or near to establishing the top (in reality the low on the inverted chart) of the second shoulder (noted: on the above chart - Is Gold Here?).  If so, a move down (in reality up) to $1,800 is next.


When the neck line at $1,800 is broken, the head and shoulder pattern calls for a minimum target of $2,100.  However, as in the break of the neckline in 2009, the move could be hundreds and hundreds of dollars higher (see non-inverted gold chart below).”




© 2013 by King World News®. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed.  However, linking directly to the blog page is permitted and encouraged.


The interviews with James Turk, Bill Fleckenstein, Egon von Greyerz, Felix Zulauf, John Hathaway, Gerald Celente and Eric Sprott are available now.  Also, be sure to listen to the other recent KWN interviews which included Art Cashin, Michael Pento, MEP Nigel Farage, Michael Belkin, James Dines and William Kaye by CLICKING HERE.


Eric King

KingWorldNews.com

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