What is your take on the intermediate outlook for gold?
Next move for gold?
Started by
TechSkeptic
, Jan 07 2004 03:57 PM
3 replies to this topic
#1
Posted 07 January 2004 - 03:57 PM
#2
Posted 08 January 2004 - 01:22 PM
European Bankers are not concerned about the ascending value of the Euro and the Administration is not concerned about the declining value of the $$. The Chinese are continuing to buy as much gold as they can get. I see absolutely nothing that will diminish the price of gold as it is measured in $$. I really wish I could find something negative because I don't believe in straight lines to the moon.
#3
Posted 08 January 2004 - 03:25 PM
I don't believe in straight lines up either, but if u look at any of the equity indices, they have surely done it, so why should gold be any different.
What also is interesting among the gold stocks is that we may start seeing a rotation into the speculative names to mark the end of this upleg, which is just starting to happen, but not on a grand scale yet. Keep an eye on calvf, drooy, mng, cau, kry etc.
#4
Posted 10 January 2004 - 01:57 AM
Since 12/29 the Hui has been forming a H & S with a target of 222 and since 12/02 a cup & handle with a target of 295. Today, 01/09, the gold stocks moved in lock-step with the major indices topping out at the same time, 1:30 and falling into the close. So I think if the SPX corrects next week, then the HUI will too and the H & S should play out if the neckline breaks at 240. Conversely if the SPX rallies, then the HUI's cup & handle will come into play if it can break out above 258. I just don't see the HUI and the SPX diverging at this juncture. Next week will tell the tale. http://stockcharts.com/def/servlet/SharpChartv05.ServletDriver?chart=$hui,uu[m,a]daclyyay[pc20!c20][vc60][iul14!lm12]&r=4029.gif