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Gold Accelerating Towards Blow off Top

Commodities / Gold & Silver Feb 28, 2008 - 12:35 PM GMT

By: Mike_Paulenoff

Commodities Best Financial Markets Analysis ArticleThe streetTRACKS Gold Shares (NYSE: GLD) ETF has accelerated into my preferred target zone at 95.00-96.50 for the conclusion of the current upleg that started earlier this week after testing the 92.00 area twice. Right now, the pattern and momentum work point higher -- towards the top of the Jan-Feb channel near 96.50, and if this advance follows the usual rules that govern price behavior in channel analysis, then the GLD likely will pop through the upper channel line (above 96.50) in a blow-off type of completion of the current upleg. At this juncture, only a decline that breaks below 94.50 will begin to neutralize additional upside expectations.


 

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Comments

Alan
01 Mar 08, 18:24
Gold Blowoff top

We are far from a blow off top. As in past super bull markets we need to see daily price increases that are astonishing and really cause a public buying panic along with headline news articles seeing people lined up for blocks to buy their precious metals.

When I see daily gold price increases of $100 a day and silver increses $5.00 a day for a considerable period will I sell out.

The markets feel underpriced and need much more parabolic behaviour before a blow off.


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