This was an exciting day in the Gold markets, no doubt about it!

Of course, with all the recent hype in the media (expounding Gold’s great value in these crazy economic times) helped a lot of late-comers to the gold markets to get in late in this cycle. They took a hit in today’s continued drop in the price of gold.

If that describes you, don’t despair. This market is well-known for taking roller-coaster drops in price while still holding to the overall rising price trend.

Click on the chart to enlarge for clarity

We are currently seeing prices approach our ‘Money Tigers’ line (the white arrowed down trending line on the chart).

There will be Selling taking place all along here in an attempt to keep Gold  prices below this line.

But, now that we’ve hit some support (as we predicted in our Dec. 5th post) at the USD $1125/oz. price area ($1100-$1125 is our gold price support zone), we won’t be surprised to see prices go right through the line to the upside again.

It may not happen on this next upswing, but, this price line will be tested as it slopes downward. It may be on the overnight.

Gold, which was a good buy over $150 higher, is an even better buy here and there are Nations and Institutions who need to buy more of it to insulate themselves from the next phase of the money madness brought about by the banks and FED.

All the best – George

P.S.:

A reminder: These posts are for educational purposes only concerning my own private methods of analysis and are not recommendations or advice to buy or sell  or to really do anything except to observe, along with me the rhythm of the big money tiger traders and institutions working at what they do best – swinging and manipulating market prices.

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Tags: WD Gann, stock market prediction, gold traders
The Excalibur Method, gold price predictions, timing the markets, money tigers, trading education, gold price charts, e mini trading, technical analysis

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