23 November 2012

Closer Look at Gold Chart's "Cup and Handle" and the Handle Details - Blitzsilberkrieg

As a reminder there are option expiration in gold and silver on the Comex next week on Tuesday the 27th.

My friend Dave says he sees a bulge around 1800 in the gold option positions that could mark the heart of the resistance. This coincides with my own thinking.

As you know, I have anticipated this inverse H&S targeting that outer perimeter from 1790 to 1810 of the bears' Maginot line at 2000-2100.

Let's see if gold can be broken out by a distracting run from silver that shocks the bullion banks in a blitzsilberkrieg, a quick advance from out of this trading range to to upper limits of resistance at 40.

The terrain is easily marked as in the last chart below, and the potential for it is in the market positioning of bullion demand and the big paper shorts.