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The main line of support seems to lie in the 1222-1246 area in gold. It's the 2011 downtrend line.
That 1249.95 area is where the control boys might be trying to take out ?
Blue cycle at the turn point as well
Odds also favor a medium term buy point is near set up as well
What about Risk ?
This is a medium term move. I can't eliminate a move to 1200-1222 on the big picture for this low. Keep that in mind.
NFP REPORT ON FRIDAY AND FED FOMC MEETING NEXT WEEK.
Summary
Odds favor an important low between Dec 3rd - Jan 3rd.
There are no absolutes, only odds.
I buy gold at 1247 spot and silver at 15.35. Orders are below
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GOLD CURRENT WEBSITE TRADE
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Buy 1 contract gold 1247 spot
No target yet
Stop loss sell point = 1235 spot (for now)
YTD Gain = $141.50 per ounce
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SILVER CURRENT WEBSITE TRADE
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Buy 1 contract silver 15.35 spot
No target yet
Stop loss sell point 14.80 spot
YTD Gain = $4.73 per ounce
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The analyst intends to portray his thoughts and ideas on the subject which may be used as a tool for the reader. GoldTrends does not accept responsibility for being incorrect in its speculations on market trend or key turning points that it may discuss since they are at best a calculated analysis based on historical price observations. Do your own diligence. This is not a recommendation for you to buy or sell any commodity or stock. The analyst is merely listing one of the trades for his own account and what you do with that information is entirely up to you. The analyst lists his trades as soon as possible but due to his style there are times he has bought or sold a position based on the PATTERNS that have been presented at the moment. On those occasions, be aware that you will receive information of a buy or sell point that analyst has ALREADY TAKEN FOR HIS OWN ACCOUNT. While that is not the intention, we want to make sure you know that it does happen. We are not brokers---we are traders. We DO provide trade orders we have PLACED as soon as we decide, but due to style there will be times we have already entered or exited and we make you aware of that in each update.
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