I’m buying more gold now — Here’s why
After making a new 52-week high last week, gold is showing considerable
strength and bouncing from a rising trend line that has been in play since it’s
meteoric rise in the aftermath of Hurricane Katrina. Gold is in a strong
inflection zone which consists of a rising trend line, as well as two key
Fibonacci support zones. GLD, the ETF for gold, has this zone running from 45.80
down to 45.40 and I have gone long via the December gold futures contracts this
morning and am looking to work orders down to 458 to get long. In the next 6-8
weeks, I am looking for a rally to $520 an ounce and think that it is still very
possible we get…(More)