Hi gobbleLooks like you have gotten a few responses. Can I...

Hi gobble

Looks like you have gotten a few responses. Can I suggest you have a go yourself mate. I've posted a couple of charts below to show what I mean.

First chart is where we are now and shows what you can do with chart patterns over the longer term. Here is a daily chart showing an inverse Head n Shoulders pattern that was forming for 18 months. When it broke above the neckline in October 2009 it gave a target of ~1380. We hit that target 12 months later in October of this year. If you look a bit harder you can see a Cup n Handle of sorts in there as well.




Second chart shows where gold may be going. This is something a very good chartist by the name of Phil B showed me and is something Robbb discusses on HC a bit. If you look at a chart and see price has bottomed and turned up and hit a line of resistance then falls away, then comes back up to break through the line and backtest from above before moving up, then this line is likely the 23.6% fib level. Using a simple ratio calculation we can project where the 100% fib level is. I've drawn this on the chart below. One thing to note is this is all the data I have so I've made the assumption that the low is at the start of the chart.





Pull yourself up a gold chart and try a few different idea's out and look for some patterns. It's what charting is all about and it's free :-)

Cheers
Rhodes

PS: keep an eye on the MEO chart