Gold Bullion Breakout
Wednesday, November 11, 2009 at 3:46PM
In was another incredible month as gold continued to outshine all other major investment themes by being the only investment that has broken out to new highs since the global meltdown of 2008. Not only is gold making new highs (1100 this week), it is doing so in a fashion that accelerated the price this week in terms of velocity, momentum, volume, and daily price range. Even the pullbacks are chart bullish recently as the best the bears can do is get gold to consolidate and trade sideways for three or four days and then gold moves up again. This latest pullback over the last two weeks of October is a case in point. At a time when the seasonal aspect of gold points lower and at its weakest, gold's price pulled back right on queue as a price drop from 1072 to 1026 occurred. Because of gold's bullish aspect, the corrective tone was shallow. In seasonal fashion the price peak for the month occurred on October 13th, and the price retreat lasted until near the end of the month. Even the circumstances surrounding the pullback entailed options expiration and the rollover of October futures to December. |




