GOLD AND SILVER TECHNICAL UPDATE REPORT 28 AUG 2011 FROM CHIEFSWORLD

[CHIEFS WORLD]

After seeing what I saw last week -- it is very hard to not think the
entire thing was a complete bailout of the option writers ---- who
were bailed out on the final day before expiration. Any new high from
this point will be a major signal that the markets are about to move
much higher.

Why don't they drop the price to 1000 on gold and hold it there ?
Because they cannot control the PHYSICAL market ----- and more and
more ---- the electronic markets are diverging away from PHYSICAL.
Thus they must maintain at least some semblance otherwise the paper
markets would become obsolete. ANY WAY YOU LOOK AT THIS ---- it is
hard to believe it was not some criminal event. There are reports that
there was major physical buying of the metals and that the supply is
now becoming exhausted on many fronts.


A third leg down of an ABC zig-zag would be possible with the
conditions of the Blue projection. An obvious target is the daily gap
up (1662 to 1682) and the 61.8% fibo at 1643. These are obvious
targets, however a very bullish market may not be generous enough to
fall to those levels. Again if the blue base channel is breached the
low at 1702 could be as good as it gets and wave 3 black higher may be
underway. Keep in mind that the 1643 level guards the MT trend higher,
falling below that level puts the MT count in jeopardy, not dead, but
in trouble. Death would come with any move below 1478.

Wave 1 black moved higher (complete at 1912) than earlier anticipated.
This suggests that the next wave up, 3 black, has a new minimum target
of 2136 and possible extended target of 2614. Afterward a wave 4 black
pull-back (likely irregular,flat) and then a final 5th which could
move 'crazy high' then have an even crazier crash.

As I said before the original Primary count up from the 1999 low is
technically complete for a major multi-year top. Moving below 1478
impulsively would confirm that view. This is not my favored view at
this time, I still think PoG [price of gold] has only finished the
first stage of this mania blow-off top as the 5th wave continues to
extend higher ala 1980.

If PoG continues the buying spree and moves above the base channel
early next week, staying above 1795, then an impulsive 5 wave
structure will be built which could lock-in the wave 2 black low at
1702

Good Hunting

VIEW THIS FULL REPORT WITH CHARTS WITH DOWNLOAD LINKS ON BELOW LINKS

http://www.box.net/shared/0zxhhrceeu45vr48f114

http://www.scribd.com/doc/63453368/Gold-and-Silver-Technial-Update-Report-28-Aug-2011

http://pdfcast.org/pdf/gold-and-silver-technial-update-report-28-aug-2011

http://www.docstoc.com/docs/92418586/Gold-and-silver-technial-update-report-28-aug-2011

http://www.slideshare.net/chiefsworld/gold-and-silver-technial-update-report-28-aug-2011

DONT FORGET TO WATCH OUR NEW VIDEO ON SILVER " YOUR LAST CHANCE TO BUY
SILVER" ON BELOW LINK
http://www.youtube.com/watch?v=BXsR-gOZ1Y4