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Thursday, May 13, 2010

XAUUSD || /YG



The think yellow line is the Andrews ML, the longer term chart shows a red and yellow projection, the red projection starts @ 6/28/09 and fell apart 11/3/09 when price went parabolic -thats bad because what goes up comes down or in Andrews term reverts to the mean.

If the price jumps over the ML on FRI odds are it's going for the price target of around 1260, if it does that I would not chase the price unless you have positions in play. Best case scenario is for the price cycle around the ML until early next week and then start working up, that would put the price target around 1280 and reset strong support in the 1230 area.

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