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Gold Forecast


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#1 SilentOne

SilentOne

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Posted 08 November 2005 - 07:41 AM

I am fairly certain that gold will rise this week. It won't relieve the downside risk though IMO. We would need to see a greater rise to follow next week and some very bullish action in the miners.

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And if gold has any chance of doing something more, then silver will have to break out and test higher levels above $7.95.

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All of this however, I suspect, would simply be topping action. The behaviour of the miners would have to corroborate this expectation, but we'll see.

I refer back to Ron Rosen's charts posted on the weekend. Gold bottom due anytime (like now), and a top to come next month.

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HUI top to come later in Nov. The HUI already bottomed anticipating the gold bottom at hand.

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Silver is due for a bottom as well and a top in Dec.

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You'd want to be unloading positions into any decent rally IMO and wait until next year for longer term positions.

cheers,

john

Edited by SilentOne, 08 November 2005 - 07:44 AM.

"By the Law of Periodical Repetition, everything which has happened once must happen again and again and again-and not capriciously, but at regular periods, and each thing in its own period, not another's, and each obeying its own law ..." - Mark Twain