GOLD is slightly up today at $1,239 +$11.00, we did have a small move up at the beginning of last week, but c it pulled back to flat the rest of the week. Per the Sedona Gold Report charting perspective, I would like to see gold continue at a steady pace upward to $1,300 in the next couple of weeks to a month, with some slight pullbacks to flat also during the next couple of weeks.
I had a discussion with a rookie trader last week and this person stated per Harry Dent who I have very much respect for; said gold is going to have a massive pullback soon, OK? My answer is, I do believe gold could have a massive pullback, only if the market in a whole has the big crash myself and many others have been speaking about for years.
Gold is being purchased by countries around the world at a rate never seen before, China, the world’s top gold consumer, launched a yuan-denominated gold benchmark $1234.50. I believe there is reason for this, when the gold paper traders go BUST and all this fiat gold paper goes away, you will see the real price gold, I would rather have the real physical gold. No one can predict when this will happen, in the mean time with fundamentals just being fuzzy math at best; I will stick to my charts where I can see the money moving in and out.
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Sedona Gold Report
Silver is starting to make a move so I thought I should start covering it as well in this post. Per the Sedona Gold Report charting perspective, silver is having a fast move higher, I need to see it break out above $18 and stay there for a week or two before I can believe this move is solid. If China starts to buy large quantities then we should see a move higher, or if JP Morgan stops manipulating silver price.
Looks like the DOW is having a hard time breaking through 18,000, this is significant to the Sedona Gold Report charting perspective. This could be the beginning of a larger pullback, we have the 50 DMA and 200 DMA converging, not a good sign for a move higher. Before I personally would start buying put and shorting equities, I am looking for the DOW break the down below the 50 and 200, if you do it before you better be managing the position closely, you seen what happen last month and the beginning of this month, supper short squeeze.