is the selling momentum running out of puff, page-17

Not sure where $300 come from but my worst case scenario is $580 but I expect $670-690 to hold! I also disagree with atlunch's outlook and expect the gold bull to rise from the ashes moving up with the US$ and topping out on this leg around $1000-$1200 in April 2009 before going into a protracted correction similar to 2006/2007 before the next move. 2011 will be the start of the big move and $2000 gold will become a reality. I would be averaging in at 25% each week for the next four weeks and then look to take profits in March 2009. Too many people are over analysing the price chart. Have a good look at a weekly chart and you will notice an exact duplicate of today's chart when compared with the chart of 2006/07. Specifics are as follows;

May 2006 gold tops out $741.
Oct 2006 significant bottom
Mar 2007 gold double top $744
Oct 2007 gold breaks out

Mar 2008 gold tops out $1039
Sep 2008 significant bottom $740ish???
Mar 2009 double top $1040ish???

Things to note above are that the Oct 2006 and Sep 2008 bottoms (if $740 is the bottom) are 61.8 fib retracements of their respective bull legs. This sell off is NO WORSE than the May 2006 sell off even though everyone out there is in dooms day mode. Stocks wise is a different story though! Most gold stocks are trading at 2003/04 levels. The HUI is sitting on it's 61.8 fib retracement so the odds are that we are in the process of putting in a significant bottom in gold stocks as well.