1. While many gold market technicians have been neutral to slightly negative about gold in the short term, I’ve been extremely positive.
As of today, I’ve become outrageously more positive. To understand why that is, please click here now. Double click to enlarge this spectacular daily gold chart. I’ll dare to suggest that gold investors have behaved very well this year. As a result of that behaviour, Santa has put a beautiful bull wedge breakout into everybody’s Christmas stocking! The near-immediate price target is $1310, but $1360 should also be hit during what looks to be a very positive Chinese New Year season. Do the festivities extend to gold stocks as well? Absolutely! Please click here now. Double click to enlarge this GDX chart. GDX is sporting a great looking inverse head and shoulders bottom, and the rally from the head of the pattern has a bull pennant formation breakout in it. This is quite exciting. For gold stock investors around the world, it is really ushering in the new year in a great way. I’ve suggested that the $25 – $26 target zone is likely to turn out to be little more than a pitstop on the road to the $35 area.
This post was published at SilverSeek on December 26th.