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Reply #13: Interesting that my take is so similar to the paste KoKo put up. [View All]

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Frodo Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Apr-28-04 08:21 AM
Response to Reply #11
13. Interesting that my take is so similar to the paste KoKo put up.
"Notice that a 61.8% re-tracement of the rally that started in April of 2003 will take gold to 364.39. A 38.2% re-tracement of the entire bull move that started in February of 2001 will also take gold to 364.55. In addition, the 364.55 level represents "channel support." My point is this -- I believe that the 364-365 level represents very important support. In all likelihood it will be tested in the coming weeks and I would expect gold to bounce sharply from that level."

That would put the dollar right on the second support level I was talking about. He's just more optomistic than I am that it will "bounce" right off.
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