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Technical Analysis: “Gold’s uptrend ended on March 17!”

Posted May 4, 2008

Blogger’s Note: There’s a surefire way to tell the approaching end of a bubble: The sellers of bubble commodities… Internet shooting stars and brokers, real estate brokers and developers, and, most recently, gold coin salesmen… splurge on television and newspaper advertising.

Of course, there are more scientific methods: Elliott Wave analysis called for a steep decline in prices after gold peaked at over $1,000 an ounce on March 17. The nascent reversal in the dollar, a spate of decent or at least “alright-everything-considering” financial numbers, and the IMF’s recent announcement that it would start selling gold by the ton combine to make those folks look smart who’re heading out to the pawnshop with a zip-loc full of old dental inlays. Here’s what EliottWave.com’s Susan Walker had to say…

by Susan Walker

Baltimore — (TFN): When a commodity like gold hits a new all-time high, people take notice.

That’s what happened to gold back in March, when it burst through the $1,000-an-ounce level. Since then, the downward march of gold’s price to around $850 today seems to have traced out a golden peak on the price chart.

Here are three different reactions to the recent high price of gold, followed by some advice from Elliott Wave International’s analysts:

Read on…

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