Monday, July 09, 2007

It Is What It Is.

It is always nice to see the price of gold performing well on a day when other currencies are basically idle. The price of gold climbed through several horizontal and diagonal resistance levels, the process was very quick. Gold charts of multiple time frames are now looking much better. Today just proves that buy and hold can work on some occasions, especially when quick mark ups are expected.

If you followed my posts you should know what my expectation is and there is not much more to add at this point.

Here is an example for one of the positive developments taking place:

Not perfect but this semi inverted head and shoulders pattern has a target of 677$.

Gold Spot (XAUUSD) Intra Day (four hours sticks) Chart

Gold Spot chart

1 comment:

JJ2000426 said...

SWC is up 7.2% today! But that is hardly the whole story!

The mistery around the Russian Palladium Stockpile gets deeper!

Just think about it, with Russians dumping their stockpile at 1.8M ounces per year in the past few years, and palladium price rallied big time. What now that their stockpile is running low and they can NOT continue such massive dumping, shouldn't the price then shot to the moon?

This speaks extremely bullish for a little known stock called SWC. Explosive development could happen once it becomes clear to any one that Russians can not continue such dumping!

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