Friday, February 4, 2011

Is the Gold Correction Over?

Technical analyst Abigail Doolittle, of Peak Theories Research, has been spot on with regard to the short-term action in gold. She now thinks the current downward technical correction in gold may be over. She emails:
In complete contrast to my views on gold in January, I think there are strong technical reasons to think that we may, in fact, see gold move up in the near- and intermediate-term...Encouraging to all of these technical aspects was gold’s move above $1,348 per ounce yesterday and it is important that this level holds in the near future.So long as it does, I am increasingly of the view that we’re likely to see gold trade up in the near-, intermediate- and long-term as is consistent with the primary bull market in gold.


  1. Exact same forecast as Cramer last night on CNBC. Why did gold go down over $100 from its highs while the physical markets exploded? Only one reason, and your darling Abigail is clueless to it. Its called INTERVENTION. Margin requirements were jacked up to ravage speculators and change the short term psychology of the market. Ask Bernank about behavioral finance.

  2. I agree. Until analysts like Aby come to grips with the manipulation of the metals markets, their work will be mostly worthless.

    A lot of people snicker at GATA and others who hold this view, but the simple fact is that they have nailed the Gold market for the last 10 years.

  3. Isnt it funny how Gold was rallying strong into the PM fix. Than once the physical market is closed for the day---Down she goes!!! Another paper bashing that clueless analysts such as Abigail continue to ignore. How about checking the trading pattern of Gold on every NFP report over the last 10 years? That would be worthwhile research. Ill give you a clue. Its down 90% of the time. Despite that fact that golds been in a bull market. We do not have any free markets left. Traditional analysis doesnt work. Think insider fraud, and youll get a better idea.

  4. I'm surprised people are bashing Abigail. She has been extremely accurate. Her call on a short-term correction was spot on. I was following her with some skepticism, but interest, and she now has my attention. I'm a long term investor, but if she continues to be accurate with her short-term price points, I may consider short term adjustments to my core position. I definitely missed out a trading opportunity during this last little drop downwards.