Posted by: jhamon | September 2, 2009

MysteryHedgie Muses: Is It Gold’s Turn To Shine?

MysteryHedgie muses:

Gold prices have essentially gone nowhere since the peak in March 2008.  As the attached chart shows, the market has grown increasingly quiet in recent weeks…gold has completely ignored news and price action from all other sources.  With September being a traditionally strong month for Gold, it seems reasonable to expect the stalemate to end; trade over $973 targets $1030 and $1100;  a weaker than expected Friday US jobs report in an already queasy equity market (next line of support SPX 960, which could be tested as early as Friday) could be the catalyst for a quick move higher.                      

                                                               

Gold's Turn To Shine?

Gold's Turn To Shine?

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Responses

  1. Appreciate the post and market update. I’m trying to decide whether or not to invest in gold right now. This info helps.

    Marvin D Wilson

    @Paize_Fiddler on twitter

  2. Afraid I’m too broke to trade in gold, but that’s good information! All the best to you.

  3. I’m long GLD if it breaks above 99.99–103.0 looks like the next target.

  4. Hi John!
    I did some work on NEM, and if this market gets irrationally exuberant on gold stocks, I could see NEM getting to $51 this week!
    I have charts posted on NEM at various sites of mine–but I didn’t want to be a link spammer, since I only stopped in to your site for the first time, a day or so ago!
    feel free to leave your link at my site, as I think you have a great site, that will give my reader’s a good second opinion.


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