$900 Gold Bars Are Back
Posted by Blain Reinkensmeyer
May 19, 2008 at 8:00 am
Get in while its still cheap, or is Gold still too expensive?
Bulls say:
Gold is starting its treck back to $1000 and if you aren’t buying now you will be buying later. The heavy volume move Friday puts Gold not only back at $900 but also above the key bearish trendline that has formed since its peak in mid March. Also, $850 support is still in tact and Gold has just completed its first set of higher highs.
Bears say:
I don’t care what gold does technically, the dollar is strengthening and commodities are screwed long term. Bubbles are meant to pop. Any other questions?
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I’m still expecting to see a little more movement down before the trek back to / over $1000. Maybe we’ll touch $850 again so I can pick up a couple oz’s?
I don’t know if we will see $850 again, but patience does always seem to pay off. The technical buy point has passed for now from what I see here. Gold is having a nice follow through day today climbing back above its 50 day moving average
Good luck out there,