Loading ...ECM Has Made a Grave Error
He has taken a Rambus Chart from 1 year ago and has said NOTHING has Changed and the Target is still valid $700
Here is Rambus Chart ( as posted by ECM below)
Here is the Chart ( recreated just now ) 1 year later
Nothing has Changed >? This is absolutely false and misleading
Everything has changed
The Black downtrend channel has been soundly broken
The Blue Falling Wedge has been broken and backtested once and now about to be again
The 65WEMA has been exceeded and is moving UP for the first time since the bear began and is being backtested
ECM should have paid a lot more attention to detail before posting such a chart !
Awaiting acknowledgement of this grave error and acknowledgement that ECM knows very little to Nothing about Chartology
Fully
Great update Fully. My opinion was based on the LONG TERM price objective (bottoming process) for Gold. Not on the Intermediate technical picture which will probably throw many Off-balance…
Then Why did you post Rambus Chart from Last Year and say NOTHING has CHANGED !
You have put your feet (both) firmly in your mouth Mr ECM
You may if you wish repeat Armstrong’s Theory that Gold is Just NOT Ready yet….but even that is NOT original work
It is regurgitation. We Value Original Work here .
You May not come in and try to stir the pot and call into question the original work presented here by using completely erroneous assumptions .
“Hoisted on his own petards” Shakespere
“Hoisted on his own petards”
Painful!
So what’s going on? then?
Chuck has a fairly bearish looking chart here:
May 29, 2016 – 11:25 am
Simon: The Major Uptrends all broke except Silver
https://goldtadise.com/?p=371782
which shows a bull market support line starting in late 2004 that touches the 2008 low has been broken. It depends what you choose as the base line for the bull market channel; i.e. if you go all that way back to 2001, to determine whether a channel support has been broken.
Plus the linear / log chart debate is interesting because it can throw up conflicts as well on long term trend channels and targets.
I had a different chart that had a potential target of $780 gold that I drew ages ago (2014?) and would have allowed for a rally perhaps to $1400 as a bear market rally in the shorter term.
Perhaps ECM is saying that a bear market rally has already finished but could it still not push forther up and then turn down again?
Me, personally, I am now more in the bullish camp (perhaps) but I see the danger of a big retracement of this recent rally especially if the Fed raises in June and the Brexit vote fails to deliver a Brexit. I think that markets are already sniffing the latter i.e. UK staying in the EU and perhaps also a June hike on a whiff of economic confidence/complacency coming out of the Fed. Ultimately though I think there will be good uptick in inflation on the recent commodities rally just to annoy the Fed and keep them behind the curve.
Therefore we could get a depressing washout in gold and then back to the bull trend, perhaps?
Fully, see my first comment on his post and below and I identified everything in your chart (I actually drew the exact same chart this morning but never posted it. 😉
Had to be posted eh ?
so rambus is proved right yet again… it wasnt down to sub 1000 .. but now its up to.. what is the price projection now…
IF 1050 to 1300 was the first half of the move and we are now consolidating and If we bottom at 1200 then 1450 would be the target