• 346 days Will The ECB Continue To Hike Rates?
  • 346 days Forbes: Aramco Remains Largest Company In The Middle East
  • 348 days Caltech Scientists Succesfully Beam Back Solar Power From Space
  • 748 days Could Crypto Overtake Traditional Investment?
  • 753 days Americans Still Quitting Jobs At Record Pace
  • 755 days FinTech Startups Tapping VC Money for ‘Immigrant Banking’
  • 758 days Is The Dollar Too Strong?
  • 758 days Big Tech Disappoints Investors on Earnings Calls
  • 759 days Fear And Celebration On Twitter as Musk Takes The Reins
  • 761 days China Is Quietly Trying To Distance Itself From Russia
  • 761 days Tech and Internet Giants’ Earnings In Focus After Netflix’s Stinker
  • 765 days Crypto Investors Won Big In 2021
  • 765 days The ‘Metaverse’ Economy Could be Worth $13 Trillion By 2030
  • 766 days Food Prices Are Skyrocketing As Putin’s War Persists
  • 768 days Pentagon Resignations Illustrate Our ‘Commercial’ Defense Dilemma
  • 769 days US Banks Shrug off Nearly $15 Billion In Russian Write-Offs
  • 772 days Cannabis Stocks in Holding Pattern Despite Positive Momentum
  • 773 days Is Musk A Bastion Of Free Speech Or Will His Absolutist Stance Backfire?
  • 773 days Two ETFs That Could Hedge Against Extreme Market Volatility
  • 775 days Are NFTs About To Take Over Gaming?
Billionaires Are Pushing Art To New Limits

Billionaires Are Pushing Art To New Limits

Welcome to Art Basel: The…

How The Ultra-Wealthy Are Using Art To Dodge Taxes

How The Ultra-Wealthy Are Using Art To Dodge Taxes

More freeports open around the…

The Problem With Modern Monetary Theory

The Problem With Modern Monetary Theory

Modern monetary theory has been…

  1. Home
  2. Markets
  3. Other

Honest Money Gold and Silver Report: Gold Bull Alert

Gold Bull Alert

Intermediate Term Trend Change

Gold closed above the important $850 level. This re-establishes gold's intermediate term trend as bullish. Further confirmation is needed with a weekly close above $850.00.

As long as gold stays above $850 the intermediate term trend will remain bullish. Short term anything can happen.

The direction of the dollar is of major importance for gold. If the dollar continues down - gold will continue up. Gold will fall if the dollar goes back up.

Gold's daily chart shows a powerful right-angle ascending triangle formation with a breakout above resistance marked by the horizontal line at $825.00. Price has closed above its 200 day moving average as well.

Gold may be a bit overextended short term and in need of a consolidation before advancing on the next major move, which will be an assault on $1000 and $1200 later in 2009.

The weekly chart shows gold bumping up into overhead resistance as marked by its downward sloping price channel and its 50 day moving average.

Will support at 78 hold?

Short term the gold move is becoming extended, while the correction of the dollar is approaching support. The dollar may hold initially, but not over the intermediate term. Too much debt is being created and it is pressuring the dollar down.

Invitation

The latest full-length version of this week's market wrap is available by subscription on the Honest Money Gold & Silver Report website. All major markets are covered with the emphasis on the precious metals.

There is a lot of information on gold and silver, not only from an investment point of view, but also from its position as being the mandated monetary system of our Constitution - Silver and Gold Coin as in Honest Weights and Measures. In today's turbulent times of financial crisis gold and silver are more important than ever.

Just made available on the site is an audio version of the book Honest Money. A free copy is included with new subscriptions along with a free special report: Investment Vehicles for Bull & Bear Markets. A list of over 50 ETF's and other investment vehicles offering profit potential on both the long and short side of the market: stocks, bonds, currencies, gold, oil, water and more. Stop by and check it out.


Come visit our website: Honest Money Gold & Silver Report
New Book Now Available - Honest Money

 

Back to homepage

Leave a comment

Leave a comment