tag:blogger.com,1999:blog-37433435.post7139310522863082541..comments2024-01-29T01:52:07.363-05:00Comments on Kevin's Market Blog: Gold Closes Below Its TrendlineKevinhttp://www.blogger.com/profile/10858224918246729626noreply@blogger.comBlogger7125tag:blogger.com,1999:blog-37433435.post-55356075967374995742009-03-31T17:09:00.000-05:002009-03-31T17:09:00.000-05:00I know you running a technical site but to me I wi...I know you running a technical site but to me I will like to have the fundamentals in the back of my minds as well. If they both confirm each other I have a much more confident trade.<BR/><BR/>http://seekingalpha.com/article/128150-nyse-runs-out-of-gold-bars-what-happens-next<BR/><BR/>CostasAnonymousnoreply@blogger.comtag:blogger.com,1999:blog-37433435.post-81991101196396410642009-03-31T16:58:00.000-05:002009-03-31T16:58:00.000-05:00A break of a trendline is not as conclusive of a p...A break of a trendline is not as conclusive of a pattern. It does not always imply a change in trend.<BR/>The price can simply form another uptrend with a different trajectory. <BR/><BR/> A more reliable pattern that I would be watchfull on GLD is a potential H&S top with the neckline at 87. If that gets penetrated on above average volume, then I have to say the trend has changed at least Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-37433435.post-48726739292481077332009-03-31T11:15:00.000-05:002009-03-31T11:15:00.000-05:00Of course gold could be just consolidating after t...Of course gold could be just consolidating after the huge move up from $680. I think it's going to be tough to push gold back below the 75 week moving average and even tougher to push it below the 1980 highs of $850. <BR/><BR/>Precious metals are still the only bull market left standing...well other than bonds which are being helped along by the Fed's printing press.Garyhttps://www.blogger.com/profile/14556370683669428668noreply@blogger.comtag:blogger.com,1999:blog-37433435.post-85946494556196770782009-03-31T07:07:00.000-05:002009-03-31T07:07:00.000-05:00After I posted my comment I googled the question, ...After I posted my comment I googled the question, and learned that arithmetic scale charts are measuring velocity while log scale charts are measuring acceleration. A subtle but important difference! Most "experts" seem to think arithmetic scale is best for time scales of 3 years or less, but apparently institutional investors prefer log scale in all time frames.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-37433435.post-12192205256258277902009-03-31T06:19:00.000-05:002009-03-31T06:19:00.000-05:00Excellent question Mr. Monopoly. In my experience ...Excellent question Mr. Monopoly. In my experience I've found trendlines drawn on log charts to be more accurate, especially when viewing weekly and monthly charts. You are right, we do have 4 closes below the trendline on the log chart which would indicate that gold's uptrend has been broken. My bad for not using the log charts this time.Kevinhttps://www.blogger.com/profile/10858224918246729626noreply@blogger.comtag:blogger.com,1999:blog-37433435.post-20616416747275807432009-03-31T03:04:00.000-05:002009-03-31T03:04:00.000-05:00What do you think about the relative merits of ari...What do you think about the relative merits of arithmetic and log scale charts? Your chart is on arithmetic scale. On my log scale chart, we've now had 4 consecutive closes below the trendline.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-37433435.post-32422305811990913772009-03-30T20:56:00.000-05:002009-03-30T20:56:00.000-05:00Hey,Good post. I like your approach of letting th...Hey,<BR/><BR/>Good post. I like your approach of letting the market tell you what to do rather than predicting what it will do. <BR/><BR/><BR/>-DannyDanny Merkelhttps://www.blogger.com/profile/14507912794467326858noreply@blogger.com