Monthly Gold Charts – April 2011

Monthly Gold Charts – April 2011

by Trader Dan

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Gold put in a stunning performance for the month of April taking on $117 for a gain of over 8%.

The following chart is an inflation adjusted chart using the government’s official CPI numbers ( not that they are any good but they at least serve to give us a view of where the metal should be priced if it kept up with even those fairy tale figures). I should note here that as a general principle, once a market takes out a 75% Fibonacci retracement level, it almost inevitably recaptures the entire move from whence the calculation began. In plain speech, that means gold is now firmly on target to reach at least $1750.

This entry was posted in Dan Norcini, Dan Norcini Gold Analysis, Gold, Trader Dan's Market Views. Bookmark the permalink.

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