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[QUOTE="ddukic, post: 33743, member: 17645"] [b]Gold 02/10/2012 - 4h Chart Analysis[/b] Gold 02/10/2012 - 4h Chart Analysis [IMG]http://fxlisting.net/images/gold240-02102012.jpg[/IMG] GOLD COMMENTS: I insisted that my Fibo scale, installed since many days in this position was a correct and successful forecast. The evolution of the Gold’s price proved me right. You see, the repeated efforts of the price to exceed the level of 1.784,17 usd, corresponding to the 6.85 grade of the mentioned Fibo scale, proved unsuccessful. The 6.85 Fibo grade is a far outside grade very close to the psychological limit of “greediness” particularly in the cases where its achievement is rapid. In other words, if you could multiply your investment by 6.85 times in short period of time, you have reached at a point where satisfaction is fulfilled and greediness is ready to take over. Most people avoid greediness and exit their positions, obviously trying to exit at the highest possible level. This is why you observe this side move up here. Several holders of long positions are closing them by “selling” them. This is how you close a long position. You sell it. Others which have long positions temporize waiting to see the evolution. Obviously, some others are buying up here constituting, most probably, the next losers. SUGGESTIONS: Well according to my previous comments I can suggest to minimize or exit your long positions up here. In case the price continues upwards there is space and time to return opening long positions. The next target is some 200usd/oz higher. Whether to open or not short positions? I will suggest not to. The risk/reward ratio is not in your favor. You will take a risk that will be disproportionally high compared to the eventual profits. [/QUOTE]
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