Life, and the world, or whatever we call that which we are and feel, is an astonishing thing. The mist of familiarity obscures from us the wonder of our being. We are struck with admiration at some of its transient modifications; but it is itself the great miracle. What are changes of empires, the wreck of dynasties with the opinions which supported them; what is the birth and the extinction of religions and of political systems to life? What are the revolutions of the globe which we inhabit, and the operations of the elements of which it is composed, compared with life? What is the universe of stars and suns of which this inhabited earth is one and their motions and their destiny compared with life? Life, the great miracle, we admire not, because it is so miraculous. It is well that we are thus shielded by the familiarity of what is at once so certain and so unfathomable from an astonishment which would otherwise absorb and overawe the functions of that which is its object.
315 days (45 weeks) is a dominant frequency in a number of other markets, namely the
S&P500, so it was natural to assume gold traded in relative lockstep: both markets being
heavily influenced by dollar flows.
The origin of the trend lines is the starting point from which the degree of ascension in
gold increased (to become a higher degree trend), meaning the rally is accelerating (what
we discussed in the springtime).
The highest sloping line is a projection line, which when we touch it will signal the
next interim high. The lower lines are support lines, where heavy buying can be expected.
A breach of the top projection line that finds support thereafter signals we are
establishing an even higher degree trend taking us to between $4500-$5000 – but I
estimate that won’t take place until mid-late 2013 at the earliest.
I hope that clarifies a few things. Keep an eye on the charts next week and we’ll see how
accurate this bottom pans out. I’ll be going long sometime between Monday and Wednesday next week in the viscinity of 1620-1640. Long term uptrend and corresponding Fib support is to be found at 1623.
Minor resistance levels above 1623 are as follows:
Major resistance levels are as follows:
This yellow slave
will knit and break religions
bless the accursed
make the hoar leprosy adored
place thieves, and give them title, knee, and approbation
with senators on the bench
The world of reason is to be regarded as a great and immortal being, who ceaselessly works out what is necessary, and so makes himself lord also over what is accidental.
JOHANN WOLFGANG VON GOETHE, The Maxims and Reflections of Goethe
In the eye of providence, there exists a working beyond the comprehension of man — and one is most foolish to disregard this.
Verse 29, The Sonnets
When, in disgrace with Fortune and men’s eyes,
I all alone beweep my outcast state,
And trouble deaf heaven with my bootles cries,
And look upon myself and curse my fate,
Wishing me like to one more rich in hope,
Featured like him, like him with friends possessed,
Desiring this man’s art, and that man’s scope,
With what I most enjoy contended least;
Yet in these thoughts myself almost despising,
Haply I think on thee, and then my state,
Like to the lark at break of day arising
From sullen earth, sings hymns at heaven’s gate;
For thy sweet love rememb’red such wealth brings,
That then I scorn to change my state with kings.
Before the abyss of the unanswering grave
Each mortal stands at last aloof, alone,
With his beloved one turned as deaf as stone,
However rebel love may storm and rave.
No will, however strong, avails to save
The wrecked identity knit to our own;
We may not hoard one treasured look or tone,
Dissolved in foam on Death’s dissolving wave.
Is this the End? This handful of brown earth
For all releasing elements to take
And free for ever from the bonds of birth?
Or will true life from Life’s disguises break,
Called to that vast confederacy of minds
Which casts all flesh as chaff to all the winds?
— Mathilde Blind