gold's ny close above $358 is seminal

  1. 9,081 Posts.
    A review of this extract puts it into perspective:

    "Gold resistance has been broken at $330 - $336 - $350 and now the 1987 downtrend line at $355 is about to be broken. Once that is broken it is clear sailing to $840 an ounce. The gold price has already breached the 15-year resistance line and will soon break the 20-year resistance line at $470. In late December open interest was 285,668 contracts or 28.6 million ounces, up 91% from August 2001. Since April 2000, non-commercial net short positions have increased from 56,000 to 60,000 contracts."

    (Source: Chapman, International Forecaster Jan. 10)
 
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