InvestorsHub Logo
Post# of 530
Next 10
Followers 1081
Posts 106725
Boards Moderated 55
Alias Born 11/22/2003

Re: None

Friday, 10/08/2010 6:05:21 AM

Friday, October 08, 2010 6:05:21 AM

Post# of 530
GRC Gold chart TA alert strong breakout bull smile

This is going to be HUGE smile
October 6th, 2010

We are on the point of a major breakout by Precious Metals stocks
that is expected to lead to a powerful rally.
The reason that the rally will be powerful is that stocks have been
held in restraint since late last year by a zone of very strong
resistance in the vicinity of the 2008 highs.
This resistance is on the point of being overcome and when it is
the last argument that bears are using to justify their position
will crumble -
namely that of the non-confirmation of gold's
continuing new highs by stocks -
and they will be forced to cover or face annihilation.
This covering should give added fuel to the accelerating rally.

The concern that gold and silver are heavily overbought
is of course understandable. However, some of the biggest rallies
in markets have commenced with the market breaking out in an
overbought state and then running an overbought condition for
a long time as it continued higher, with all those who missed
the boat waiting for a sizeable reaction that never happens.
We are well aware that gold and silver are now extremely overbought
on a short-term basis and thus prone to a sharp but relatively
shallow “air pocket” reaction which should be bought aggressively,
as any such reaction, although unnerving,
is likely to be short-lived.
by Clive Maund

GOLDSTONE RESOURCES (TSE:GRC) old rich gold producers bottom fishing smile

thanks for reading it smile

Join the InvestorsHub Community

Register for free to join our community of investors and share your ideas. You will also get access to streaming quotes, interactive charts, trades, portfolio, live options flow and more tools.