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Wednesday, April 13, 2005 1:32:36 PM
Gold Looks Ready to Climb Higher
Gold Looks Ready to Climb Higher
11 April 2005 — GoldMoney Alert from James Turk
After weeks of marking time on either side of 16-year resistance around $432, gold finally looks ready to climb higher.
There is of course no guarantee that my forecast will be proven right. And for the sake of full disclosure, readers of these alerts know that I have thought that gold would already be much higher than its current level. Nevertheless, I'll stick my neck out here because it seems likely to me that gold is ready to begin moving higher. Take a close look at the following charts of gold in terms of various currencies.
The above chart presents gold's exchange rate against the US dollar. This chart is very powerful. Look at what is happening here. Gold is in the same uptrend that began four years ago, and it has barely experienced any correction during this period. More recently, gold broke into new high ground above 16-year resistance around $432, and then retraced back into support in the low $400's. That support has been successfully tested. Consequently, it would be normal to expect gold to move back to its recent high of $455. I expect that high will be exceeded, and I continue to expect that gold will exceed $500 some time this year.
Importantly, gold is also looking good in terms of other currencies. Look at the following chart of gold's exchange rate against the Japanese yen.
Gold is breaking out of a 10-year base against the yen. It's in a clear uptrend channel, and appears poised to move higher. The same is true for gold against the Swiss franc, as can be seen in the following chart. Gold is in an uptrend against the Swiss franc, although gold has not yet broken out of its base.
It's only against the euro that gold is lagging somewhat, but even here the picture for gold looks positive. The following chart shows gold's rate of exchange against the Deutschemark/euro.
Gold needs to climb above €11 per goldgram (€342 per ounce). Gold is currently trading at about €10.60 per goldgram (€330 per ounce).
Watch this €11 per goldgram level very closely. When gold finally hurdles above this resistance point, then we will know that gold has begun the next up-leg in the bull market.
In summary, we all know that markets ebb and flow, like the tide. Gold has been relatively quiet for several weeks, but don't be lulled into complacency. The gold bull looks ready to wake up.
LINK: http://goldmoney.com/en/commentary/2005-04-11.html
Gold Looks Ready to Climb Higher
11 April 2005 — GoldMoney Alert from James Turk
After weeks of marking time on either side of 16-year resistance around $432, gold finally looks ready to climb higher.
There is of course no guarantee that my forecast will be proven right. And for the sake of full disclosure, readers of these alerts know that I have thought that gold would already be much higher than its current level. Nevertheless, I'll stick my neck out here because it seems likely to me that gold is ready to begin moving higher. Take a close look at the following charts of gold in terms of various currencies.
The above chart presents gold's exchange rate against the US dollar. This chart is very powerful. Look at what is happening here. Gold is in the same uptrend that began four years ago, and it has barely experienced any correction during this period. More recently, gold broke into new high ground above 16-year resistance around $432, and then retraced back into support in the low $400's. That support has been successfully tested. Consequently, it would be normal to expect gold to move back to its recent high of $455. I expect that high will be exceeded, and I continue to expect that gold will exceed $500 some time this year.
Importantly, gold is also looking good in terms of other currencies. Look at the following chart of gold's exchange rate against the Japanese yen.
Gold is breaking out of a 10-year base against the yen. It's in a clear uptrend channel, and appears poised to move higher. The same is true for gold against the Swiss franc, as can be seen in the following chart. Gold is in an uptrend against the Swiss franc, although gold has not yet broken out of its base.
It's only against the euro that gold is lagging somewhat, but even here the picture for gold looks positive. The following chart shows gold's rate of exchange against the Deutschemark/euro.
Gold needs to climb above €11 per goldgram (€342 per ounce). Gold is currently trading at about €10.60 per goldgram (€330 per ounce).
Watch this €11 per goldgram level very closely. When gold finally hurdles above this resistance point, then we will know that gold has begun the next up-leg in the bull market.
In summary, we all know that markets ebb and flow, like the tide. Gold has been relatively quiet for several weeks, but don't be lulled into complacency. The gold bull looks ready to wake up.
LINK: http://goldmoney.com/en/commentary/2005-04-11.html
HI-HO SILVER !!!
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