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Stock Market Trend Forecast March to September 2019

Gold and Silver Bull Market LIFT OFF

Commodities / Gold & Silver Jun 28, 2007 - 04:54 PM GMT

By: Peter_Degraaf

Commodities

On Wednesday gold and silver selling exhausted at 640.00 and 12.00

There are a number of bells ringing this morning (AM Thursday), that tell us it's ‘safe to get back in the water'.


Charts courtesy www.stockcharts.com

Featured is the daily gold chart. The circles draw our attention to the fact that the last two dips in the price of gold were not confirmed by the three supporting indicators. This is bullish.

The overall uptrend channel was never really violated (red and green dashed lines).

Featured is the GDX electronic gold unit. The upside reversal (green arrow) that ended trading on Wednesday is bullish, coming as it did right near the 8 month old support zone. All three of the supporting indicators (blue dashed lines) also remained positive during the past month.

Featured is the index that compares the XAU mining index to the gold price. Generally speaking, when this index is rising, it is a bullish signal for gold and gold stocks. The index has been in ‘uptrend' since March. Wednesday's ‘outside reversal' (green arrow), is another bullish sign, another ‘bell being rung'! The three supporting indicators are positive.

Featured is a long-term chart that compares gold to oil. The 19 year mid-point is 15 barrels of oil pays for one ounce of gold. Today it only takes 9.35 barrels. GOLD IS A BARGAIN COMPARED TO OIL! (And the trend is up!)

Summary:
Gold bells are ringing again. Its time to cover shorts and go long. The COT report due out Friday is expected to be very bullish.

Silver is suffering from ‘chart damage' that occurred on Wednesday, but silver will be pulled along by strength in gold.

Oil is supported by the massing of sea power in the Persian Gulf (currently three carrier forces, with a fourth on the way).

By Peter Degraaf.

Peter Degraaf is an online stock trader with over 50 years of metals trading experience. He sends out a weekly E-mail to his many subscribers. For a 60 day free trial, contact him at ITISWELL@COGECO.CA

DISCLAIMER: Please do your own due diligence. I am NOT responsible for your trading decisions.

Peter Degraaf Archive

© 2005-2019 http://www.MarketOracle.co.uk - The Market Oracle is a FREE Daily Financial Markets Analysis & Forecasting online publication.


Comments


30 Jun 07, 04:07
Gold $600

I agree, gold will hit 600 in short !!!!


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