Gold TA works, it really does. It’s just that it doesn’t quite work the way most people think it does:
- First you get “Gold has to hold the important U$1,200/oz level” from the technical analysts.
- Then gold goes under U$1,200/oz, worrying the chartists.
- Then another self-appointed charting guru gives us “Critical area for gold U$1,198/oz” via Kitco.
- Then gold goes under $1,198/oz. Ditto.
- Then it spikes down a few dollars and that does it, they’re shaken out of the metal by their chart readings and general neuroses.
- And once that’s all done gold moves back up and over U$1,200/oz so that we normal people who buy when herds sell benefit from the TA dumbasses.
Keep them charts coming, guys. Keep ’em coming.
PS: Jabba the Hutt? You bet.