Gold: Hopefully, nobody's noticing
August 5, 2009-- Gold -- The P&F chart of GLD (which is a reasonable proxy for gold) is well worth studying. As I write GLD is trading at 94.68. At 95 on the chart GLD will have broken out on the upside. A breakout from this formation would be very bullish and could take gold toward an attack on the highs.
Flash - as I finished this section GLD hit 95.12. This up-to-date chart shows the breakout. The breakout gives us a P&F "count" to 105. August gold closed up 10.90 to 967.50.
Good action, no dramatic surges, just steady quiet rises.
Hopefully, nobody's noticing.
Richard Russell began publishing Dow Theory Letters in 1958, and he has been writing the Letters ever since (never once having skipped a Letter). Dow Theory Letters is the oldest service continuously written by one person in the business.
He offers a TRIAL (two consecutive up-to-date issues) for $1.00 (same price that was originally charged in 1958). Trials, please one time only. Mail your $1.00 check to: Dow Theory Letters, PO Box 1759, La Jolla, CA 92038 (annual cost of a subscription is $300, tax deductible if ordered through your business).