Gold above 1200$ an ounce in 2009?

[Debaser82]

Safehaven!

 

[syswizard]

AIG down huge past few days.
China cratering.
Commodities in free fall.

Not a pretty picture for gold.

 

[Debaser82]

Nice move.

 

[m22au]

The thing that sticks out to me the most is that gold is up by so much (at the time of writing, $19 or 2%) when the S&P is only up by 0.2%.

And depending on where you draw a resistence line, the break above $975 could represent a breakout of an 18 month cup-with-handle formation.

Quote from Debaser82:

Nice move.

 

[Debaser82]

Yes the decoupling of gold and general market liquidity was something noticed yesterday also for example as opposed to gold VS stocks in 08.

Let's see if it remains that way we have encountered quite a few headfakes along the way so let's not get to excited.

Several large goldminers are close to their 52 week highs as well by the way, curious if they can break trough.

 

[m22au]

Well for what it's worth, I think today's move (December futures high of day = 994.60) represents a break above the high of early June, and possibly also above the high in mid to late February.

 

[Debaser82]

Ting ting ting ting ting.

 

[mu200411]

Mup,
Can Gold go UP to $1040 ?
mu.

A nice 5-waves UP in gold chart
There may be a measured move UP of $50 .
http://www.cashforgoldmarket.com/news.php

 

[JSSPMK]

Quote from JSSPMK:

01-04-09 09:31 PM

Have you tried overlaying Gold with USD index? ImPO Gold does stand a chance to get above $1000+ as long as USD keeps weakening.

The question I would raise is why $1200?

Bingo! Crawling back in my cave

 

[sirgiyan]

This is the reason I'm bearish on gold at the moment
http://screencast.com/t/MDogdnH0ts

Let's see 750 first