Fermer X Les cookies sont necessaires au bon fonctionnement de 24hGold.com. En poursuivant votre navigation sur notre site, vous acceptez leur utilisation.
Pour en savoir plus sur les cookies...
Cours Or & Argent

Gold Has Had a 34% Correction

IMG Auteur
Publié le 27 juin 2013
378 mots - Temps de lecture : 0 - 1 minutes
( 0 vote, 0/5 )
Imprimer l'article
  Article Commentaires Commenter Notation Tous les Articles  
[titre article pour referencement]
0
envoyer
0
commenter
Notre Newsletter...
SUIVRE : Comex
Rubrique : Marchés

Here is a chart from Tom Fitzpatrick at King World News that I thought put this into some perspective. 

It is certainly worth reading his commentary, and I produce only his first chart with the rest to be seen at the source. With last night's selloff that correction is probably more like 35% or so but that does not alter the chart pattern.  He also shows his long term chart on silver.

I took the liberty of circling the secondary cup and handle that was the consolidation before that last big leg to the upside top. This is what I was referencing last night. I had not realized at that time it was a 34% top to bottom correction. I was setting down to do the longer term chart today when I came across this, and it is well done.

That secondary cup and handle consolidation marked a big resistance level that thereafter became big support after having been exceeded.

I am waiting to see what happens here.  This is a very 'purposeful' correction with selling that is blatantly timed to move prices lower in quiet markets.  But the overall timing matches with the new lows in deliverable bullion at the COMEX and the TOCOM.

Big corrections like this are not unusual in bull markets.  That huge correction in 2007-2008 cleared out the market and set up the move to the high. 

I do think that such corrections represent 'asset stripping' by powerful and lightly regulated insiders and traders who have a free hand to obtain assets on the cheap after manipulating prices lower, and then allowing them to rise again.  But who can say, except for someone like a regulator with access to the relevant information.

These sorts of action disrupt normal market operations and allocation of capital that may inhibit future supply. But it is too much to think that these jokers would care as long as they are making money.

One serious caveat is that since we are in a 'currency war,' at least to some peoples' thinking, one can only rely on market-oriented things like charts so much.  As I said, the selling is obviously purposeful.  And there are contentious issues being discussed by the world powers behind the scenes.



Source: King World News

<< Article précedent
Evaluer : Note moyenne :0 (0 vote)
>> Article suivant
Publication de commentaires terminée
Dernier commentaire publié pour cet article
Soyez le premier à donner votre avis
Ajouter votre commentaire
Top articles
Flux d'Actualités
TOUS
OR
ARGENT
PGM & DIAMANTS
PÉTROLE & GAZ
AUTRES MÉTAUX
Profitez de la hausse des actions aurifères
  • Inscrivez-vous à notre market briefing minier
    hebdomadaire
  • Recevez nos rapports sur les sociétés qui nous semblent
    présenter les meilleurs potentiels
  • Abonnement GRATUIT, aucune sollicitation
  • Offre limitée, inscrivez-vous maintenant !
Accédez directement au site.