Thursday, September 3, 2009

Gold Update

I had posted months ago about this inverted head and shoulders forming on Gold that would eventually break out to new all time highs. Well here we are again with a close @ 992.40 on spot we are now closing in on the neckline of this pattern (horizontal line) with the 3/10 MACD confirming by making higher lows, if/when we break this just watch how fast Gold starts shooting to the moon.

My best guess for what will happen is a break of the neckline attracting many many buyers pushing prices up and fast. Next I believe we should sell off again though to shake out the weak longs and to retest the neck line before sky rocketing once again. So expect some serious volatility not just straight up moves, but should be some good opportunities coming soon.