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Gold futures fall as oil retreats, dollar rises
Market Watch ^ | October 23, 2006 | Ciara Linnane

Posted on 10/23/2006 7:31:57 AM PDT by Toddsterpatriot

NEW YORK (MarketWatch) -- Gold futures fell early Monday, pulling other metals with them, as oil prices again retreated and the dollar strengthened ahead of a Federal Reserve decision on interest rates.

Gold for December delivery was last down $9.20 at $587.30 an ounce on the New York Mercantile Exchange. On Friday, the contract lost $6 of its value although it scored a modest gain for the week.

The metal was hurt by weak oil prices after the Organization of the Petroleum Exporting Countries' production cut failed to convince oil traders it would be enough to halt a slide in prices.

"The rally of late last week appears to have been a one-day wonder, for the strength that developed Thursday vanished Friday and remains 'in-hiding,' " said Dennis Gartman, editor of The Gartman Letter.

(Excerpt) Read more at marketwatch.com ...


TOPICS: Business/Economy
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To: alrea
well those charts look pretty dead on.

Dead on what?

What do they predict?

Be specific.

81 posted on 10/25/2006 2:22:34 PM PDT by Petronski (CNN is an insidiously treasonous, enemy propaganda organ.)
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To: Terabitten

You forgot whisky.

And coffee - I think that's the #2 commodity, after oil? We don't make it in the U.S. Yeah, I know about hawaii but it's pretty pricey stuff and not much of it.


82 posted on 10/25/2006 2:37:12 PM PDT by Freedom4US (u)
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To: Petronski
What do they predict? Be specific.

that gold has bounced off that lower green channel line and is probably back in an up trend.

83 posted on 10/25/2006 7:25:01 PM PDT by alrea
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To: alrea

"Bounced off the lower green channel?"

"Probably back in an up trend?"

"Probably?"



LOL

That's not remotely specific. Specificity is in Giant's Stadium, you're in the LA Coliseum.


84 posted on 10/25/2006 7:31:51 PM PDT by Petronski (CNN is an insidiously treasonous, enemy propaganda organ.)
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To: Petronski
There is a higher probability that gold will rise and stay in an up trend if prices do not penetrate the lower of the two parallel green lines. This higher probability factor is used by traders and investors to enter or exit positions.

You can make quite a bit of money in markets if you are able to trade in situations where you are correct about probability.

If gold broke below that green line there would be a higher probability that lower prices would occur. None of this is exact science but millions of dollars are extracted from markets every day by individuals entering and exiting trades based on channels and trendlines.

85 posted on 10/25/2006 8:09:25 PM PDT by alrea
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To: alrea

In my part of farming Pennsylvania, I've seen prettier horsecrap than that.

YOU. ARE. NOT. SPECIFIC.


86 posted on 10/25/2006 8:12:53 PM PDT by Petronski (CNN is an insidiously treasonous, enemy propaganda organ.)
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To: alrea
None of this is exact science but millions of dollars are extracted from markets every day by individuals entering and exiting trades based on channels and trendlines.

And an equal number of millions are LOST.

Flip a f**kin' coin.

87 posted on 10/25/2006 8:13:42 PM PDT by Petronski (CNN is an insidiously treasonous, enemy propaganda organ.)
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To: GodGunsGuts

Who made that chart, a four year old? It's one of THE worst looking charts I've seen in 40 years!


88 posted on 10/25/2006 8:17:17 PM PDT by nopardons
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To: alrea

No, it's not an "exact science", but what you just said contains more hedging and flip flopping than a John Kerry speech. LOL


89 posted on 10/25/2006 8:19:05 PM PDT by nopardons
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To: Petronski
I see that I haven't missed anything, being away on vacation for 2+ weeks. The goldbuggery continues apace. LOL
90 posted on 10/25/2006 8:20:21 PM PDT by nopardons
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To: nopardons
...being away on vacation for 2+ weeks.

Missed you. Welcome back.

91 posted on 10/25/2006 8:25:40 PM PDT by Petronski (CNN is an insidiously treasonous, enemy propaganda organ.)
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To: Petronski
Thank you very much! :-)

Hugs for you and the lovely Mrs.!

92 posted on 10/25/2006 8:27:46 PM PDT by nopardons
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To: alrea
There is a higher probability that gold will rise and stay in an up trend if prices do not penetrate the lower of the two parallel green lines.

Gold will go up.....unless it goes down. Get my broker on the line!!! LOL.

93 posted on 10/26/2006 6:44:07 AM PDT by Toddsterpatriot (Goldbugs, immune to logic and allergic to facts. You know who you are.)
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To: alrea

Excellent summary.


94 posted on 10/26/2006 8:33:28 AM PDT by GodGunsGuts
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To: nopardons

Could you please provide us with an example of an "adult" chart for comparison purposes.


95 posted on 10/26/2006 8:42:35 AM PDT by GodGunsGuts
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To: Petronski
Like it or not you guys are criticizing something you obviously are not trying to understand.

It is a specific rule to buy in an uptrend. That chart showed the price uptrend, specifically. It is called a straight line.

The rules are specific, the results vary.

It is a specific rule to sell if a trend line is broken. The chart showed a specific uptrend. The rule is specific.

Why not try to understand complex financial principles instead of flaming conservatives here?

I don't give a pretty Pennsylvania pile of horsecrap about your yankee northeast blue-state criticizing of specific, conservative financial principles. No wonder your socialist Northeastern states are dominated by Democrats.

96 posted on 10/26/2006 7:23:03 PM PDT by alrea
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To: alrea
...specific, conservative financial principles.

Margin trading on gold futures using technical analysis is a "specific, conservative financial principle?"

Good grief.

Why not try to understand complex financial principles instead of flaming conservatives here?

I laugh at them because I understand them.

97 posted on 10/26/2006 7:25:50 PM PDT by Petronski (CNN is an insidiously treasonous, enemy propaganda organ.)
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