Tuesday, January 27, 2009

Will Gold Break Its Downtrend?

Great minds and all that. Just yesterday, at MarketBeat:

Mr. Oz sir,
Have you seen The Undertaker?
Are the two of you in Davos?
If not why not.
Remember AU has to take and hold $910, or the series of lower highs and lower lows is still operative.
All the best to you and the munchkins.

Comment by Climateer - January 26, 2009 at 12:24 pm
From Bespoke Investment Group:

After briefly piercing the $1,000 level in March of last year, the price of gold went into a long-term downtrend with a series of lower highs and lower lows. However, since bottoming out at $681 in October, gold has rallied to over $900 per ounce. This has brought the commodity right to the top of its downtrend line from the March 2008 high. While the current rally in gold has been attributed to fears over competitive currency devaluations across the globe, how the commodity acts in the coming days will go a long way in determining how valid those fears are.