$900 Gold Bars Are Back
Posted on Mon 19th May, 2008 08:00:56 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?
More on this topic
(What's this?)
Bloomberg Gold Buy Signal
(Gold Versus Paper, 3/9/10)
Inching Closer to the Gold Explosion
(Gold Versus Paper, 3/13/10)
Gold Through the Ages
(Asset Prime, 1/26/10)
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,