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April 07, 2006
Gold Heading Above 600
Gold remains strong and last week’s gap is holding. The breakout from the ABC correction and falling wedge signaled a continuation of the Nov-Jan advance and the upside target is around 64 or the upper channel trendline. I find it weird that stocks, in particular the Finance sector, can rally in the face of such strength in bullion. However, until there is a bearish technical signal, the trend for both stocks and gold is up and further gains are expected.
Posted by Arthur B. Hill at April 7, 2006 06:41 AM