Gold, Point and Figure Chart: Bullish Reversal!!!

[Market Harmony]

I check the PnF charts every so often to get a technical idea of the markets for stocks and commodities. I checked Gold for the first time in a few months and was surprised to see a reversal from the bearish outlook to a bullish outlook and price target of $1570. That being said, these PnF charts are largely reactionary and only give probability returns based on charts. But it is positive nonetheless and perhaps it could be correct, too. I just wish it gave us a time frame.

http://stockcharts.com/def/servlet/SC.p ... PLTADANRBO

[beauanderos]

If there weren't forces that steer the gold market, this might be a positive sign. But nowadays, any tape can be painted on a daily basis, and trying to apply technical analysis to such bastardized results in order to base decisions? That's just what they're hoping you'll do... just like Lucy holding the football for Charlie Brown so he can kick it... he falls for it every time