Technical observations of RossClark@shaw.ca
XAU & HUI
Precious metals stocks as represented by the XAU and HUI are starting this week on a better note. Both gold and the indices have managed to surpass the October 8th high.
SCHEMATIC ON RANKING SYSTEM
- early basing,1 - basing, 1b - late basing phase
Each great financial boom has
been followed by a long bull market in gold's real price such
that the producers are eventually accepted as a premier growth
industry. Relative to commodities, gold suffered a cyclical correction
to (on our index) 183 in March. This recovered to 220 on September
10, from which it corrected to 199 on October 11. So far, it
has recovered to 215.
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