Is Gold About to Rocket?
Source: Chris Vermeulen, TheGoldAndOilGuy (7/12/10)
"Last week, we saw stocks move sharply higher."
I feel the market will gap higher on Monday, just like we saw on June 20/21, deep into a resistance level, and the big money will short the pop, sending it sharply lower.
Gold looks to be shifting its momentum from a downtrend to an uptrend. It's forming a reverse head & shoulders pattern which is shown in the video posted below.
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Gold, U.S. Dollar, SP500, Market Internals, On Balance Volume
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In short, it looks as thought the market is at a critical pivot point. We could see prices stall out here and continue the downtrend, or see strong buying step in sending prices higher in the equities market. We need to wait and see what type of price action unfolds in the coming days.
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