Weekly chart of the World Gold Index going back to 2002 with a trendline touching the major tops in the market. 2003, 2006, 2008 and now 2011. Each time Gold has reached the upper trendline it has had a pullback. (Providing a buying opportunity)
Gold has been on a solid uptrend since the first week of July this year due to sovereign debt issues in Europe. What would bring the Gold price down with it entering the 'seasonal' period where the highest returns are typically seen? Maybe a Comex margin increase? Who really knows at this point other than the puppet masters at the Crimex.
Gold has penetrated the upper trend line only for a few days in the past and has come right back down. The year to date return on Gold is around ~31.8%. There is now a double top at the upper trend line which is providing major resistance. Trading sideways for a little while before another run past $1900 may be in the cards for Gold. $2000 this year is a real possibility.
Gold has been on a solid uptrend since the first week of July this year due to sovereign debt issues in Europe. What would bring the Gold price down with it entering the 'seasonal' period where the highest returns are typically seen? Maybe a Comex margin increase? Who really knows at this point other than the puppet masters at the Crimex.
Gold has penetrated the upper trend line only for a few days in the past and has come right back down. The year to date return on Gold is around ~31.8%. There is now a double top at the upper trend line which is providing major resistance. Trading sideways for a little while before another run past $1900 may be in the cards for Gold. $2000 this year is a real possibility.
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