Friday, January 14, 2011

Abigail Doolittle's Gold and Silver Technical Forecast

The below video was put out by Abigail Doolittle of Peak Theories Research at the start of the year.

Her current view does not appear to be much different from what she says in the video. Short to intermediate down-side choppiness for gold and silver with long term strength. Here's her video forecast followed by her most recent comments.

There are three technical reasons to believe that gold may correct down in the near- to intermediate-term.

- First, there is the Diamond Top pattern that gold appears to be caught in and this pattern carries a target of about $1,284 per ounce.

- Second, gold appears to be in a near-term Bear Flag that carries a target of about $1,333 per ounce.

- Third, gold’s long-term trendline seems to suggest that gold may move down to meet it around $1,175 per ounce.

- Ironically, however, gold’s long-term trendline also provides excellent reason to believe that any near-term correction will fail to tarnish gold’s very strong and primary uptrend.

More from Abigail here.

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