Gold double-top setting up test of $800 support, if the nascent head-and-shoulders should form, a retest of the October 26, 2008 spike low of $681 is possible.Whew. I won't be doing that for a while, I think I hurt myself.
Here's the one year chart from Kitco:
Hey Gang, Is That a Double Top in Gold?"
*I am reminded of the analyst I mentioned in early February:
It's all about money flows. (and information asymmetries)Here's Kitco's daily chart for Oct. 26, 2008, you can see that AU was only under $690 for a couple hours and actually closed up on the day:
Some years ago I knew a retired analyst who had been able to make a meagre living by tracking the flow of funds in smaller western U.S. equity markets, Spokane, Salt Lake City, Denver, etc.
He was insane by the time I met him.
He'd made up his own language to describe what he was doing, the gist being that it is the marginal dollar going into (or coming out of) a market that makes the move.
His problem, well two actually, was that:
a) no one knew what the heck he was talking about and
b) there wasn't enough data to really capitalize on what he had been trying to do....