Golden Christmas Presents For You
Dec 25, 2012
- Merry Christmas to you, from the gold market! To receive your first present, please, click here now ! You are looking at GDX, which I consider to be the best proxy of senior and intermediate gold stocks. Double click on the chart, to fully expand it.
- There are bullish technical non-confirmations “all over the board” here. RSI and the 4,8,9 MACD series are particularly impressive. These indicators are making higher highs while GDX makes minor new lows, which is extremely bullish chart action!
- A bullish wedge pattern is also now in play.
- An initial upside surge to $48.50 is the most likely scenario, followed by a test of the minor high at $54.69.
- On the money printing front, the election of Shinzo “Fred Flintstone” Abe in Japan is probably akin to putting a kid in charge of the world’s largest candy store.
- Gold should surge dramatically higher in 2013, as he takes quantitative easing to uncharted heights, in an attempt to reflate the entire asset base of Japan. The bottom line is that if Time magazine had a “Money Printer Of The Year” award, Shinzo Abe could win it with his eyes closed.
- Technically, the charts seem to agree with my assessment of the fundamentals. The gold bullion chart looks spectacular. To unwrap your second Christmas present, please click here now . That’s daily spot price chart for gold, and you can see that last week’s pullback halted right above key HSRB (buy-side horizontal support & resistance), at $1636.
- I circled the minor high of $1635.40 in green. That’s the high that created this HSR. The gold price immediately surged higher from that area, and did so against a background of technically oversold indicators and oscillators.
- Note the partially opaque vertical dotted line that I’ve used to highlight those technical indicators. This is likely the beginning of the most spectacular rally in the history of the gold market.
- There are more presents under your gold Christmas tree. To unwrap the next one, please click here now . I’ve drawn an uptrend line across all the lows since May, and added a parallel supply line, across the $1798.10 high point.
- Gold has “arrived” right on the demand line of that channel, just as it arrives at strong HSR. Technically, that’s what is termed a buyer’s delight!
- I’ve received many emails from investors who bought gold-related items in the $1900-$1700 area. After becoming disillusioned, they have tried shorting those same items, in the $1700-$1500 area.
- Their actions can be summed up as jumping from the frying pan into the fireplace. All they will find in their Christmas stocking this morning is a huge pigtail, courtesy of the banksters. The banksters were powerful buyers last week, while releasing negative statements about gold to the media.
- What happens if the fiscal cliff situation is not resolved? Well, gold could be forced a bit lower, and the stock market could crash, but I think that event would be followed by an emergency meeting of key central bankers.
- They would likely pump the market with liquidity, much like they did at the market lows of 2008. The result would probably be a near-vertical move higher by gold, permanently destroying the short-side speculators.
- Now I want you to unwrap a very large Christmas present. Please click here now . That’s daily spot price gold chart, but I’m using closing prices. Suddenly, a massive reverse h&s bull continuation pattern is unmasked!
- The target is well above $2000, and if gold hits that, every card-carrying member of the gold community will remember this Christmas as one to cherish.
Dec 25, 2012
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