Wednesday, December 28, 2011

A Daily Look at Gold Futures Going into 2012 (GLD)

updated 3/21/12 - Still sticking to original thesis. Only portion of thesis omitted... the dollar has already popped into 82 and relented. dollar out of equation as trust comes back.

GC weekly
GC Daily
Dollar running the show from the looks of the lower plot (DX) .. notice the X's .. last time dollar was at these levels over 80.... GC was sitting on 1400... If the descending triangle highlighted above breaks down through Oct 3 support around 1535 we could see a quick 70 point drop into 1400, this scenario can be amplified if the dollar breaks up over 82.