If you aren’t already in, this coming Monday or Tuesday (Nov. 5 – 6th) should represent an exceptional buying opportunity as gold moves into its final intermediate cycle bottom. Now that the 38% retracement has been breached I would look for a final exhaustion move to test the 50% level early next week as we move into the elections. Words: 284
So says Toby Connor (www.goldscents.blogspot.ca) in edited excerpts from the original article* posted under the title TIME TO BUY, BUY, BUY.
Lorimer Wilson, editor of www.FinancialArticleSummariesToday.com (A site for sore eyes and inquisitive minds) and www.munKNEE.com (Your Key to Making Money!), has edited the article below for length and clarity – see Editor’s Note at the bottom of the page. This paragraph must be included in any article re-posting to avoid copyright infringement.
Connor goes on to say, in part:
“At that point gold sentiment should be completely washed out and gold will be set up for an explosive move to test the all-time highs by the end of the year or early January.
This is purely a profit taking event, nothing more. These situations happen like clock work about every 20-25 weeks, as you can see in the chart below. Gold is now very late in the timing band for that major cycle bottom.
I think the odds are very high we get a final bottom by mid week.”
* Source of original article: http://www.goldscents.blogspot.ca/2012/11/time-to-buy-buy-buy.html (SMT premium newsletter. $10 one week trial.)
Editor’s Note: The above post may have been edited ([ ]), abridged (…), and reformatted (including the title, some sub-titles and bold/italics emphases) for the sake of clarity and brevity to ensure a fast and easy read. The article’s views and conclusions are unaltered and no personal comments have been included to maintain the integrity of the original article.
The upside potential following this correction still looks huge for Gold and for Silver. We expect Gold and Silver to soon make a run back up to the recent highs – but at a sharper angle than they fell. [Let me explain why this will likely be the case.] Words: 528
My previous article on gold & silver went viral with almost 30,000 reads on munKNEE.com alone and continues to be read by hundreds of goldbugs daily. Below is an updated chart and analysis suggesting that gold & silver have further to drop before they go parabolic. Take a look and share it with friends.
Gold & silver have pulled back over the past two weeks after both faced strong resistance from the upper horizontal line of their respective trading ranges [and continue to flucuate within their] 12-month Trading Ranges of $1,540 – $1,800 and $26.50 – $36 respectively. HUI and XAU levels have pulled back and are testing the lower boundary of their rising wedges [but look likely to move upwards within their respective wedges (530 – 570 for the HUI and 200 – 215 for the XAU) before moving higher]. Check out my technical analysis below for details.
…Gold is about to undergo a profit-taking event…as a result of the USD beginning a rally, probably beginning today. I’m looking for the dollar index to test the downward sloping 200 day moving average [see chart below] before rolling over and continuing the secular trend. This should drive gold down into a final intermediate degree bottom around $1694 or so before testing the all-time highs at or slightly above $1900 sometime before the end of the year. [Let me explain why that is most likely going to happen.] Words: 401