Wednesday, December 29, 2010

Dec 29th Gold

Gold broke to the upside in a pretty big way over the last 2 trading days. Similar to the previous wedge formations.  Will the $1400 level become a base for Gold after the sideways action over the last 3 months?  If so, we may head towards the $1450 area and possibly $1500 in January before a pullback occurs.

Silver has also been strong with a closing price of $31.56.  The Gold/Silver ratio is around the 46 area and should continue to drop going into next year.

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