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Gold's Inverse H&S: Rocket Time!
Weekly Market Update Excerpt
posted Apr 15, 2011
UUP (US Dollar Proxy)
Against gold, the dollar looks headed right off the trading board! One of the greatest financial dangers is worldwide panic liquidation of the dollar, and it may be near! In a panic, a world reserve currency is sold worldwide.
GOLD 6 Mth Chart
The bedrock of all portfolios must be gold. In my opinion, physical metals outside the banking system should be a full one third of your portfolio. If you want to see a higher gold price, don’t just buy the metal in your trading account. Bring home some physical gold!
Whether you have gains over the last six months trading my technical signals or from your own individual trades, the best thing you can do right now is put some of those profits into physical gold.
SGOL (gold bullion proxy) 6 Mth Chart
SGOL 6 Month Chart Analysis
Goldman Sachs’ comments on gold and commodities barely put a dent in the gold price. As the story broke, my technical signals flashed buy signals for gold. You can look forward to buying gold into the next GS news release! The GS-inspired sell-off was tiny, and the new high today is putting “golden egg” all over the face of the GS analyst!
I currently have a Super Force technical buy signal in play for gold, and this week’s price action is powerful! While 6 months of consolidation is normal, don’t be fooled by those in high places making overly-negative market commentary on gold. The bull is getting stronger, and a correction of size now appears highly unlikely. Instead, a blast higher seems like the most likely scenario!
Gold Juniors GDXJ Chart
GDXJ Chart Analysis:
GDXJ is currently on a technical buy signal. Based on my SFS Gold Stock Ratio, the 12 month target for GDXJ is $75. I have just completed a deep look into the juniors sector, and I am very positive in the short and long term. Future gold supplies depend almost totally on junior companies!
Technically, this week I want you to focus on the inverse head and shoulders chart I am highlighting. This is the most bullish chart configuration, and it is very subtle in this case, almost totally unnoticed! Gold juniors are on the verge of a rocket move higher. Take a good look at this chart!
Ironically, many junior gold stock investors are close to throwing in the towel, just as all you dreamed about is about to come true! Some investors are even shorting the gold stocks. This is a horrible mistake. Those going to the dollar now are doing so just as it begins a huge down-leg that could soon become a worldwide panic.
GDX Weekly (Big Picture Chart)
GDX Chart Analysis
Gold is the ultimate asset. By any reasonable measure gold is grossly undervalued, even today as it hits an all-time high! This is a debt crisis and debt levels are rocketing, so I’ve highlighted what I call the “big picture GDX chart”. The bottom line: Your upside break-out on gold stocks is here!
When it comes to gold senior stocks, there are a lot of people on the wrong side of this trade, and they are about to find themselves a lot more wrong! They believe the price of gold is way overpriced, which is preposterous. Most of Wall Street has little respect for the value of gold and they may learn a valuable lesson soon, the hard way!
My GDX target is $72, based upon my SFS Gold Stock Ratio. From there I am looking for $80! A huge increase of price volatility is also near, and many investors will give up, unable to deal with giant price plunges that feel like “it’s all over”.
UNG (natural gas proxy) Chart
Current Super Force Projections:
- Silver: $50.
- Gold: $1570. Long term: $4000.
- GDX: $72, then $80.
- GDXJ: $48, then $75.
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Apr 15, 2011