Thursday, August 23, 2012

Gold (GLD) Resistance Chart

Gold has just come up to the major resistance line from the peak of last year, it may stall here temporarily but it should blast through it eventually and break to new highs in the 2200 area. I have been informed by TraderMama on that the astro according to Merriman is now favourable for gold going into Oct. which is a bit short of my projection for a high in Dec./Jan, I also found a low trend on the US dollar for Oct. and Gold and the US dollar seem to have an inverse relationship usually. NUGT on the NYSE is a very good way to invest in this market as the gold miners got oversold and NUGT gives great leverage on mid to senior miners that have proven resources.

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