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Gold Market Update - 5th Oct

5/10/2012

1 Comment

 
Gold continues to grind higher through this 1780-1800 resistance area, with the market well supported by buyers on any dips and short covering.

The market hit a new rally high at 1799 overnight and is on the cusp of triggering a huge wave of buy stops which would propel the price well past 1800 and on towards 1900.

The jobs number from the US could be the push that the market needs to smash through this solid wall of resistance and see the bears in full retreat.

Today's video looks at the price action from yesterday and the big picture on the weekly chart.
1 Comment
DowTheorist link
5/10/2012 06:36:56 am

Under Dow Theory October 4 was a relevant day because market action has clearly frustrated the incipient secondary reaction in the gold and silver markets. We are, as per Dow Theory parlance, “in the clear” and it reaffirms the primary bullish trend and negates any secondary reaction.

Thus, now both the primary and secondary trend is firmly bullish.

More on the breakout and its consequences here:

http://bit.ly/QK5T0C

regards,

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