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Saturday, May 21, 2011

Saturday, 5/21/11 update

Gold appears to have completed a triangle type Minute Wave 4 on Friday.

Gold futures - hourly bars

If true, this should lead to a nice rally that has the potential to reach into the upper 1600's area.

Gold futures - daily bars

Likewise Silver has the look of a triangle over the same time period, which would also be a 4th wave but of
Major Wave degree, which means any top generated will be a much longer term top than that of Gold.
(click HERE for silver charts)
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