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Time to Buy Gold

December 11th, 2008 at 8:27am · 8 Comments

A net-line buy signal yesterday for gold, and now it’s breaking out of the congested channel on the weekly chart. The 955 level, the top of the weekly channel is a good target for starters, but I think this is the beginning of a much larger move to well above $1000. per oz..

click chart to enlarge

click chart to enlarge

Tags: Gold

8 responses so far ↓

  • 1 deacon31 // Dec 11, 2008 at 11:25 am

    very nice alert on gold the other day!! …now we’re going to get the +100 thang at 841 on feb gold into a full moon…ranges producing fibs around 840′s are 688-938.8 feb gold, continuous 639-1034 and 542-1034..today gold seems to be ticking with the euro, euro has a weekly chart holy grail sale above, just as the march dx has the weekly grail buy below

  • 2 ava // Dec 11, 2008 at 6:58 pm

    suggestions for stocks, funds, companies

  • 3 ava // Dec 11, 2008 at 6:58 pm

    Oops, do you have any suggestions?

  • 4 Peter VC // Dec 12, 2008 at 12:23 pm

    Chris,
    Gold is in backwardation! I suspect this may be the start of a major move.
    Will you also post the probable end day ?

  • 5 stephen // Dec 12, 2008 at 10:33 pm

    Spot gold failed to break through strong resistance at $832, a repeat of the failure at this level two weeks ago. This week’s rally from $740 needs correction before any further advance is likely.

  • 6 deacon31 // Dec 15, 2008 at 9:34 am

    should be stronger here as crude oil touched 50, feb gold went +94 off the 741 low, still looking like massive res 840-850…
    DGP is the double gold metal long stock, the gold producing companies have stunk due to high costs …today the double long crude oil stock DXO is trying a ‘breakout’ over it’s 20 day ema as us dollar is coming into it’s 20 week ema

  • 7 deacon31 // Dec 15, 2008 at 10:27 am

    there she goes, did +15 since my last post to achieve the +100 of move…
    GDX is a gold stock etf…SLV silver metal etf for low investment dollars…
    AEM +5.9%, GG +4.2%, KGC +3.6%,M GFI +3.5%, FCX +3.4%, ABX +2.5%, NEM +2%. Silver is also firmer (SLW +8.3%, PAAS +7%, SSRI +5.4%, SIL +4.2%).

  • 8 ava // Dec 17, 2008 at 1:50 pm

    Thank you deacon31.

    I am a novice and the information you’ve provided is very helpful.

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