As of Friday February 19th, gold is positioned in a rare setup that normally only comes along once or twice every 15-20 months……
Gold now has expected major support between $1033.90 and $978…….
For a long time, we expected major support for the U.S. Dollar Index around 74, and the dollar turned up almost precisely from that crucial level. Our likely target has been the 77.69-82.07 area, and the dollar is now pushing up against the bottom of that range. A top could be seen anywhere in that range, and only a weekly close near 83 or better would make us expect a much larger, longer-lasting rally to unfold.
Introductory Summary: When gold reached our short-term target of about $1200, we closed our gold and silver futures trading positions. We have since been looking to reenter our long gold and GDXJ junior gold miner trading positions whenever gold traded close to its 10 week (50 day) moving average (currently around $1117), and we did … Continue reading “CDNX S&P/TSX Venture Composite Index Has Major Breakout During Final Week of 2009”
Gold Appears to Have Bottomed and Crude Oil Surges to Again Challenge Critical $80 Level
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Dr. Christian Normann’s weekly analysis.
A chart of Gold against Oil.
Commodity, Currency, Gold, and Equity Market Analysis by Dr. Christian Normann