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« USD: A managed downward trend? | Main | GOLD: News Flash »
Monday
Oct232006

GOLD: Sideways until the elections are over?

Gold prices keep putting in a series of small rallies only to back right off the $600 per ounce barrier.

gld23oct06

The chart indicates that we are at a bewitching hour when the 50 DMA is about to cross the 200 DMA in a downward direction. Not a great sign from a chartist standpoint.

The bears will love it and the DOW stock holders will be ordering Champaign and congratulating themselves in the belief that their wisdom knows no boundaries!

Meanwhile back here at gold-prices we think that gold will struggle on and slowly push through the $600 level and push on towards the $700 level just as it did when facing $400 and $500.

Once the elections are over and a few decent results come through from the gold mining sector things will start to brighten up a little just you watch.

Our strategy is stay with it and not sell a single share. Patience will be rewarded.

23 October 2006

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