After witnessing a $40 decline in gold from Mid-April, it appears that gold could be on the verge of bottoming out right here and now. Several attempts to push GCQ7 under 650 have failed on numerous occasions which confirms the underlying demand and strength of the bull market in gold. Through a firmer dollar, huge CB selling and stronger global equity markets, gold has only managed to decline about $40 from the April high which is clearly bullish. As long as $647 holds on August gold, then we could actually begin to see gold move higher to reach the May '06 high. The fact remains that as long as cash gold holds $640 then the series of successive higher lows remains intact on the intermediate chart. This development confirms that the long term bull trend in well intact and strong demand remains apparent. I am positioned long GCQ7 as of today. After riding short for the past 6 weeks, the risk now appears to be on the upside...
August Gold (GCQ7)
- Thread starter Realist
- Start date
hopefullly you are right ...
one "gold" expert quoted on kitco
told people to SELL gold this week
not sure of all his recent rec's on gold
but I do remember he told folks to sell
gold when it was in the low low $600's
and soon had to reverse his prediction
as gold rallied furiously against his call
one "gold" expert quoted on kitco
told people to SELL gold this week
not sure of all his recent rec's on gold
but I do remember he told folks to sell
gold when it was in the low low $600's
and soon had to reverse his prediction
as gold rallied furiously against his call
The commercials are big believers in seasonals and the seasonals according to
http://www.seasonalcharts.com/
are about to bottom late June early July and they are uninterruptedly positive into October and beyond.
js
http://www.seasonalcharts.com/
are about to bottom late June early July and they are uninterruptedly positive into October and beyond.
js
