Tuesday, July 6, 2010

Darryl Guppy's Call On Gold

Darryl Guppy, the same chartist who said the Dow has been tracing out a head-and-shouders pattern it exhibited in 1930, has put out his call on gold. He being a technical analyst, he relies on chart patterns. The recent one he focuses on is an "ascending triangle," which broke down when gold dropped below $1,240. Because of that breakdown, Guppy is forecasting a drop to as low as $1,177 before the metal possibly heads up to $1,319.

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