Gold Signals Second Buy
June 17, 2010 Uncategorized
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Today (6/17) gold has given me a buy signal on the daily charts with both the 9 and 20 day simple moving averages pointing up. This comes two days after gold’s last buy signal on June 15th. The gold market has been trending up for sometime now and appears to be back on track after this last correction. I’ll receive an additional buy signal on the weekly charts if gold remains above the 1179 level. Silver has also given me a buy signal on the daily charts today.
Gold’s latest rally comes in spite of a well received Spanish debt auction, positive UK retail sales, and an overall decline in flight to quality sentiment. Gold was rallying with a strong dollar bucking their past inverse relationship. Now the US dollar is weak and there may be no real stopping gold from pushing even higher. In my opinion gold may make a run at contract highs.
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