gold breakout

  1. 9,081 Posts.
    Clive Maund 18/11/03:

    "Gold is looking stronger than ever – the strongest I have seen it all year – and is now in position to make the big move above $400. Over the past ten weeks it has laboriously established the high $300’s as an “advanced base camp”, gathering strength for the breakout above $400, with the moving averages rising relentlessly beneath. This consolidation beneath the major resistance level is enabling it to gather the power necessary to make the big breakout and then, having done so, to hold its ground – it is now exceedingly unlikely to be “shot down in flames” once it does break above $400. Furthermore, the breakout will have an immense psychological effect on the gold market as a whole, which will have to adjust to the new reality of gold in the $300’s being history. Gold and gold shares will attract ever more mainstream investment interest from funds and institutional investors, exploration companies will find it increasingly easy to raise capital. "
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