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Message: Crude and Golden Screw

Re: Crude and Golden Screw

posted on Apr 22, 2008 08:02AM
I don't see a big decline in oil price BigPic as the fundamentals just don't support it. I also wonder why the price of gold stopped it's decline on the weakest support trends last Friday after all the recent stronger trading trends being established. My guess is the gold price could easily have been taken down to $875 so why wasn't it? I suspect the sellers couldn't do more than they did even faced by support at a weak trend line and this bodes very well for a major move higher in gold as we lead up to next weeks FED meeting and beyond. The down cycle is now about 34 days for gold and an uptrend cycle of 55 days should exert extra buying pressure shortly while combined with superb fundamentals for gold could make this a summer to remember.
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