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February 22, 2009

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bill


I honestly don't hold technical analysis in too high a regard as I
tend to lean toward fundamentals. These 2 factors are leading
my decision to stay in my gold funds for another few weeks.

First up, the seasonal chart

http://www.spectrumcommodities.com/education/commodity/charts/gc.html

I think if you offset the chart dates to match the current start of run,
there is a suggestion of a bit more to go in this current move.


Next up, the stochastics

http://stockcharts.com/h-sc/ui?s=$GOLD&p=D&b=5&g=0&id=p21454143208

I don't trade gold or gold futures I just look for reasonably decent
entry and exit points and go accordingly from there.

Ira Epstein who is a 'proprietary system' trader clearly says that
when the K and D lines are both over 80 the stochastic is embedded and
the upside move is continuing to gain strength.

The Williams oscillator shows no sign of weakness either.

This is not to suggest there is anything wrong with the analysis in the
original article as it did provoke some thought on my part.

This is also not to suggest that anything I might hold to be true
may turn out as I have stated.

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