Gold: What
took it so long?
Richard Russell
snippet
Dow Theory Letters
Dec 27, 2007
Extracted
from the Dec 26, 2007 edition of Richard's Remarks
Up and Out -- For gold I'm
using GLD because it tracks gold all day long while $gold is
only plotted on StocksCharts after the close.
GLD has formed the triangle
you see below, and as I stated previously, I thought this was
a "continuation" triangle, in other words, a consolidation
pattern in a rising trend.
Today (Wednesday) was a gala
day for gold since GLD surged clear out of its triangle. The
next step would be a try for a new gold high, which would entail
roughly another twenty dollars on the upside.
Gold is now advancing against
all fiat paper. The only question really is -- what took it so
long?
lots more follows for subscribers...
Dec 26, 2007
Richard Russell
website: Dow
Theory Letters
email: Dow Theory Letters
Russell Archives
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