So says Mark O’Byrne (goldcore.com) in edited excerpts from his original article* entitled 7 key gold charts: “Bull market ahead”.
[The following is presented by Lorimer Wilson, editor of www.FinancialArticleSummariesToday.com and www.munKNEE.com and may have been edited ([ ]), abridged (…) and/or reformatted (some sub-titles and bold/italics emphases) for the sake of clarity and brevity to ensure a fast and easy read. This paragraph must be included in any article re-posting to avoid copyright infringement.]
O’Byrne goes on to say in further edited excerpts:
Often “a picture paints a thousand words” and the 7 key gold charts [plus one each on silver, platinum and palladium] below should make gold bears nervous. The charts were compiled by Nick Laird of ShareLynx.com (Sharelynx.com is a great website for charts and well worth the subscription.)
So without further ado, lets look at these important gold charts.
Gold Chart 6 – Never been a better buy …
Gold Chart 7 – Just bounced off one of it’s most oversold phases …
Sentiment is as bad as we have seen it in the precious metals market. As the charts show, such sentiment, price action and oversold conditions tend to coincide with major lows in gold and silver prices and multi-month price gains.
The Future For Gold
Very poor sentiment towards gold and oversold conditions is reminiscent of the conditions seen in late 2008 and January 2009 [as seen in the chart below] when gold prices had fallen by more than 25% in 9 months. Subsequently, gold rose from a low on January 15, 2009 at $802.60/oz to a high less than 12 months later at $1,215/oz for a gain of over 50%. A similar move today would see gold above $1,800/oz by year end.
We believe similar gains may be seen in the coming months and years. Investors should position themselves accordingly.
[Editor’s Note: The author’s views and conclusions in the above article are unaltered and no personal comments have been included to maintain the integrity of the original post. Furthermore, the views, conclusions and any recommendations offered in this article are not to be construed as an endorsement of such by the editor.]
* http://www.goldcore.com/goldcore_blog/Seven_Key_Gold_Charts_Bull_Market_Ahead (GoldCore Limited trading as GoldCore is registered in the Companies Registration Office under Company number 377252. Registered for VAT under number 6397252A. © 2014)
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