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Market Commentary 25Mar12

Market Commentary 25Mar12

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Published by AndysTechnicals
Updated look at the SP500, Gold and the DXY using Wave Theory and Technical Analysis
Updated look at the SP500, Gold and the DXY using Wave Theory and Technical Analysis

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Categories:Types, Business/Law
Published by: AndysTechnicals on Mar 25, 2012
Copyright:Attribution Non-commercial

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03/27/2012

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Gold ~ Daily Continuation
A few weeks ago it was suggested that gold was just beginning a multi-week decline that should take it to
$1,626. So far, so good on that call. It feels like the „meat‟ of the decline is over with the 61.8% retracelooming as decent support to the bulls. Bears/shorts should consider „trimming‟ bearish positions in frontof that support, or at least be using $1,685 for a „stop loss‟ point. 1685 is the 61.8% retrace of the move
down from $1,717.40
Andy’s Technical Commentary__________________________________________________________________________________________________ 
 
1,761 = resistance
COPIED from 3/18/12
 
Gold ~ Daily Continuation
Last week‟s lone support point held right on the spot. Who sells the 61.8% retracement on the first
go? It was a nice bounce from $1,626 but we cannot confirm that the wave down from $1,792 isover. New bulls/longs should use $1,641 and $1,626 for first and second levels of support.We had been suggesting a neutral triangle development from the highs, but given the similarduration of the legs and the lack of fibonacci relationship between the waves flowing in the same
direction, it‟s possible we‟re dealing with seven
-legged diametric pattern.
Andy’s Technical Commentary__________________________________________________________________________________________________ 
 
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Gold ~ 60 Min. Chart
It‟s possible to count out the decline down from $1,792 as seven legged correction (diametric). In
order to prove that the decline is over, the market must rally harder than any previous bounce (greendashed box). In this case, that line comes in around $1,683. Right now gold is rubbing against the23.6% retrace at $1,666--
that‟s first level of resistance in the week ahead. $1,683 should be
considered second level resistance and an important point for the market to better.
Andy’s Technical Commentary__________________________________________________________________________________________________ 
 
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