I want to start this site with some good news for us Gold-bugs. Below we see a P&F chart of GLD, which I use as a proxy for gold, well, it's paper gold, if you insist. Yesterday we got a bull signal as GLD moved above its preceding column of Xs to the 132 box. This breakout gives a P&F target projection to 150. This means that the technical base is large enough to "allow" for a rise to the 150 box.
Next, we see that the Dow has broken down and is on a sell signal. The P&F projection is 15,000. You may remember that I said that if the Dow breaks below 15,000 that will be the beginning of a reversal in investors' sentiment from optimistic to puzzlement and fear. If 15,000 is violated, the next support comes in at Dow 14,600, which is at the low end of the ... Log in or subscribe to continue reading.
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