We wait, it's not over YET,
Both these factors are potentially good for Gold. Interestingly, the Australian Gold stock index has been moving up again recently too. On Friday, November 2, the index set a new 2001 high of 905.30. So far this year, the Aussie Gold index is up by 28.90%. The broad Aussie market as measured by the All Ordinaries index is up 0.70% over the same period.
The most important development on the two charts above would be a $US Gold chart that CONFIRMS an uptrend, and therefore a BULL market. To do that, $US Gold is going to have to climb above its post 9/11 spot future closing price of $US 293.30. If it does do that, there will be very little room below $US 300 left.
The trend is there, slow as it is. As long as it remains intact on BOTH these charts, a $US close above $US 300 is inevitable. $A Gold, in an uptrend for almost two years, has been signaling this event for a long time now. We wait, and watch.
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