Gold

[alevin]

After reading this, think I'll hang onto my GLD a little longer....
http://blog.afraidtotrade.com/update...-21/#more-3962

...I’ve also drawn a Fibonacci grid off the October lows to the February highs to show the retracement grid gold is showing on its daily chart as well - gold nipped just beneath the 38.2% retracement zone but failed to pullback to the 50% zone, which is a sign of bullishness and strength in an uptrend.
Price just completed a consolidation phase which caused the 20 and 50 day EMAs to converge, giving bulls something to sweat about, but ultimately price has risen back above these levels and now the moving average orientation is in the ‘most bullish position’ possible, giving further confirmation to the uptrend in place.
Price is expected to test the prior resistance high just shy of $975 per ounce, and if buyers can push prices beyond this level (I believe odds favor that they can), then we’ll see an automatic test of the $1,000 level highs and I - along with Adam and others - feel that odds do favor a break above this level to new highs is in our immediate future.
I would be remiss not to give levels to ‘watch out’ for in the event that higher prices fail to materialize, so keep your eye on the $900 level which represents EMA confluence and “round number” support. ...

Since I bought at 91.5 awhile back, it'd be nice to score enough profit off this trade to at least pay the trading fees before bowing out, which is why I'm going to hang in and see how high this puppy can go.

[Bullitt]

Yup, any day now the chartists and momentum followers should be piling in just because the GLD is moving up. The whole world is watching for the H&S breakout now.

[Bullitt]

Ancient history now, but anyone positioned for this next move up might enjoy this article regarding Paulson & Co's latest holdings.

http://tinyurl.com/mwxtzf

[Bullitt]

Bought more GDX this past week on the dip at 36.65, bringing my cost basis to 28.

Might be a good time for trend followers to buy some EWC (Canada ETF) after a test of the 50 DMA.

What is going to happen if the whales start jumping into the swimming pool?

...Chinese comments about the metal and expectations that a low interest-rate environment will eventually lead to inflation.

The late-Wednesday outcome of a Federal Open Market Committee meeting may have ended up supporting gold, as low U.S. rates are bearish for the dollar from a yield point of view, said a research report from MKS Finance. "However, the meeting's outcome came as no surprise to investors and had already been priced into the market."

Meanwhile, Kurzatkowski and MKS cited overnight comments out of China as supportive for gold. A Chinese economic official spoke of purchasing gold rather than U.S. Treasurys in case of a collapse in the greenback.

www.wsj.com

[Bullitt]

I've had a GTC order on GDX to buy more at the mid 33's for a few months now. Almost hit in early July, but not quite.

Palladium and Copper look to be getting a bit stretched from their last base here and they tend to have some relative strength in the metals arena. Lots of eyes on Gold at the moment and I'm not sure what to think. I do have a vested interest if Gold breaks that 1004 barrier.

[Bullitt]

Huge technical breakout today in GLD which confirmed it's uptrend on it's best volume since March.

My good til canceled in GDX at 33 and change expired. I will assess and may buy more at a pullback to 42, but I doubt it. I think this weekend I will scour the Juniors scene and look for the best looking charts amongst them for possible purchase.

[Bullitt]

The moment the entire investing world has been waiting for. There's always a bull market somewhere.

Gold Breaks $1,000

[etftalk]

Wow, the inverse H&S target would be 1200 to 1300.

[Bullitt]

It's not going to be a straight shot to that level. That would be too easy.

[Bullitt]

Looked over some juniors over the weekend, but I'm very much on the fence about getting involved in any stocks that have been bid up from pennies to 4 or 5 bucks. Some do have some promising base patterns but most have run away. My guess is, the ones that are still basing are probably more of a company on paper than real life. Juniors are basically lotto tickets, you can't just go all in on one. Still observing here because I expect a shakeout in gold any day now.

By the way, a Junior Miner ETF is in the works by Van Eck Global. No release date has been set yet.